New governance principles to monitor GDT Events, the twice-monthly auction held by Global Dairy Trade, have been voted in by the GDT Events Oversight Board.
The new governance principles will enhance the Board’s monitoring and reporting, and is an important milestone on the journey to implement best practice governance of GDT Events.
Global Dairy Trade is set to expand its role in online dairy trading with a new suite of complementary services.
“The growth in global dairy trading, ecommerce and digital platforms meant now is the right time to continue developing innovative services to reach more markets around the world,” said Eric Hansen, Director, Global Dairy Trade.
Global Dairy Trade’s new offering will include:
- GDT Events, the current twice monthly auction
- GDT Marketplace, a new 24/7 dairy trading platform
- GDT Insight, a subscription service offering round-by-round and post-event data from GDT Events
A new Cream Group for Anhydrous Milk Fat and Butter will be introduced on GDT Events from June which further develops the existing GDT Events trading platform, as outlined in GDT’s stakeholder consultation process last year.
“Global Dairy Trade is now well positioned as a digitally driven multiservice business, offering a strong suite of complementary services that will deliver benefits to dairy sellers, buyers and the financial dairy trading sector,” said Hansen.
Dairy commodity prices fell 7.9 per cent at the latest Global Dairy Trade auction. It is the third downfall in a row.
After four bumper auctions in a row, prices fell at the latest Global Dairy Trade auction. Average prices paid at the auction fell 3.1 percent on the last event held three weeks previously which itself was up 9.9 percent.
The previous three auctions had seen double-digit increases for dairy prices. This week, key products Whole Milk Powder and Skimmed Milk Powder both fell at the latest auction down 4.6 percent and 4.5 percent respectively.
The passed four auctions have all resulted in increasing prices, this time with nearly ten percent. The long time downfall seems to have stopped.
Global Dairy Trade (GDT) index went up 10.9 percent at the latest trading event 1 September. It is the second time in a row after a long period of falling prices.
Complete figures and charts here
Freefalling milk prices seem to have finally found a bottom, as prices on the Global Dairy Trade (GDT) auction site bounce by 15%, following a rally in the dairy futures market.
Tuesday’s GDTevent, which is run by New Zealand milk giant Fonterra, saw prices for whole milk powder rise 19% from the last event two weeks ago, while prices for anhydrous milk fat soared 27%.
This is the first time prices have risen on the GDT since early March, and mark a recover from the previous auction’s 13-year price low.