GDT price index falls 5.1 percent - Reuters

The GDT price index falls 5.1 percent, with an average selling price of $3,302 per tonne - global dairy trade, as reported by Reuters news.

Key notes

• International milk prices fell while volumes dropped in this month’s second Global Dairy Trade auction held by GDT Events.
• The GDT Price Index dipped 5.1 percent, with an average selling price of $3,302 per tonne, in the auction held on Tuesday.
• The index fell 0.5 pct at the previous sale, according to GDT Events.
• A total of 35,748 tonnes was sold at the latest auction, falling 1.4 percent from the previous one, the auction platform said on its website (www.globaldairytrade.info).
• The auctions are held twice a month, with the next one scheduled for January 7.

FX implications

The New Zealand milk co-operative, which is owned by about 10,500 farmers, controls nearly a third of the world dairy trade, therefore,the auction results can affect the New Zealand dollar as the dairy sector generates more than 7 percent of the nation's gross domestic product.