Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


100th GlobalDairyTrade Auction Proves Online Model Success

100th GlobalDairyTrade Auction Proves Success of Online Model

18 September 2013 - Global Dairy Trade (GDT), the online trading platform for international dairy commodities, has clocked up its 100th trading event in the early hours of this morning (New Zealand time).

Global Dairy Trade Director Paul Grave says the 100th successful auction marks a coming of age for the platform which is now in its fifth year of trading and surpassed US$10 billion in aggregate sales earlier this year (July 2013).

“Achieving our 100th trading event proves the success of the online model.  It shows that Global Dairy Trade has matured to become an essential feature of the global dairy industry.  GDT now provides price transparency and highly efficient purchasing for more than 850 registered bidders from 90 countries,” Mr Grave said.

“The strong support for the platform shows we are meeting a real market need to find a robust reference price that reflects true levels of supply and demand in the market,” Mr Grave says.

The platform is now used by six global companies supplying product for sale.  This includes Fonterra (New Zealand), Dairy America (USA), Amul (India), Arla (Denmark), Murray Goulburn (Australia) and Euroserum (France). A typical auction event lasting around two hours will sell enough product to completely fill a container ship; amounting to around  2,500 standard twenty-foot containers, valued at between US$100 and $250 million.

Global Dairy Trade operates at arm’s length from its owner Fonterra.  Fortnightly auctions are conducted on behalf of GDT by Boston-based, NASDAQ-listed CRA International in accordance with market rules monitored by an independent advisory board of sellers and buyers. 

“We are delighted that Global Dairy Trade is today centre-stage of a vibrant global dairy industry which is experiencing annual demand growth of well over 2.5%.  We will be seeking to continuously improve our service as technology evolves over the years ahead,” Mr Grave says.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news