© Reuters. FILE PHOTO: A Fonterra milk tanker drives previous dairy cows because it arrives at Fonterra’s Te Rapa plant close to Hamilton, New Zealand August 6, 2013. REUTERS/Nigel Marple/File Picture/File Picture
(Reuters) – Worldwide milk costs and volumes fell at this month’s first World Dairy Commerce (GDT) public sale on Tuesday.
The GDT Worth Index was down 0.7%, with a median promoting worth of $3,403 per tonne. The index was down 1.5% on the earlier public sale held on Feb. 21, when the typical promoting worth was $3,414 per tonne, in response to GDT Occasions.
A complete of 26,747 tonnes of dairy merchandise have been offered on the newest public sale, down about 12.9% from the earlier sale, the public sale platform mentioned on its web site.
The public sale outcomes may have an effect on the New Zealand greenback because the dairy sector generates greater than 7% of the nation’s gross home product.
The New Zealand milk co-operative, which is owned by about 10,500 farmers, controls almost a 3rd of the world dairy commerce.
GDT Occasions is owned by New Zealand’s Fonterra Co-operative Group Ltd, however operates independently from the dairy large.
U.S.-listed CRA Worldwide Inc is the buying and selling supervisor for the World Dairy Commerce public sale, held twice a month, with the subsequent one scheduled for March 21.
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