Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
Launched in 2008, the online auction platform has to date traded dairy products worth over US$30 billion.
GDT director Eric Hansen says the milestone reflects the platform as an essential part of the global dairy industry landscape.
"GDT exists to ensure buyers and sellers can trade with confidence in global and regional dairy markets.
"Achieving 300 trading events shows that GDT continues to provide an essential service to the global dairy industry.
"More than US$30 billion has been traded on GDT events since it was established in 2008, which equates to just over 9 million metric tonnes traded, with an average clearance rate of 97%."
GDT offers dairy products from six global companies: Fonterra (New Zealand), Dairy America (USA), Amul (India), Arla (Denmark), Arla Food Ingredients (Denmark) and Polish Dairy (Poland).
"Global Dairy Trade brings together buyers and sellers from around the globe, with core commodity dairy products from four continents offered to registered bidders from over 70 countries.
"We look forward to further serving the dairy industry in the years ahead, by increasing liquidity on GDT Events and actively supporting the growth of efficient dairy derivative trading associated with it," Hansen says.
While owned by Fonterra, it operated independently.
An independent oversight board oversees event rules and structures, so that they are monitored and developed in a neutal and transparent manner. All trading events are run by an independent trading manager, CRA International Inc, a global specialist in developing and operating auctions.
