Reuters: US Dollar Report: Dairy prices rise, volumes fall at auction -New Zealand's Fonterra

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Dairy prices rise, volumes fall at auction -New Zealand's Fonterra Sep 17th 2013, 15:12 Sept 17 | Tue Sep 17, 2013 11:12am EDT Sept 17 (Reuters) - International milk prices rose while volumes fell in the second auction in September, the latest held by New Zealand's Fonterra Co-operative Group, the world's biggest dairy exporter, it said on Tuesday. Fonterra's GDT Price Index, formerly the Global Dairy Trade-Trade Weighted Index, rose 0.3 percent, with an average selling price of $4,880 per tonne, in the auction held on Tuesday. The jump followed a 1.1 percent fall in the previous sale, said Fonterra, which is known for brands such as Anchor, Anlene and Fresh n' Fruity. A total of 46,664 tonnes was sold, falling 12.7 percent from the previous auction, the co-operative said on its website (www.globaldairytrade.info). The auctions are held twice a month, with the next one due on Oct. 1. The auction results can affect the New Zealand dollar as the dairy sector is a major export earner for the country and generates more than 7 percent of gross domestic product. The New Zealand milk co-operative, owned by about 10,500 farmers, controls nearly one-third of the world dairy trade. Link this Share this Digg this Email Reprints

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