RPT-Dairy prices fall, volumes drop at auction -NZ's Fonterra

Tue May 20, 2014 3:24pm EDT

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May 20 (Reuters) - International milk prices fell while volumes dropped in this month's second auction held by New Zealand's Fonterra Co-operative Group, the world's biggest dairy exporter.

Fonterra's GDT Price Index dipped 1.8 percent, with an average selling price of $3,873 per tonne, in the auction held on Tuesday.

The index fell 1.1 pct at the previous sale, said Fonterra, which is known for brands such as Anchor, Anlene and Fresh n' Fruity.

A total of 33,677 tonnes was sold at the latest auction, falling 11.8 percent from the previous one, the cooperative said on its website (www.globaldairytrade.info).

The auctions are held twice a month, with the next one scheduled for June 3.

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.

The New Zealand milk co-operative, which is owned by about 10,500 farmers, controls nearly a third of the world dairy trade. (Bangalore Commodities desk)

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