German seller to join GDT

Sweet whey powder will be offered for the first time later this year on the GlobalDairyTrade (GDT) auction platform German dairy co-operative Molkerei Ammerland will join the seven existing sellers on GlobalDairyTrade in September.

The co-operative, which specialises in cheese, butter, whey powders, milk powders and fresh dairy products, processes more than 1.5 billion kg of milk for sale to more than 50 countries.

Exports already made up 49% of its sales and would become increasingly important as it increased production capacity, chief executive Ralf Hinrichs said.

GDT would give the company the opportunity to access worldwide demand for dairy and to compete more effectively on the world stage.

GDT director Paul Grave believed the addition of sweet whey powder would be welcomed by the platform's network of more than 650 registered buyers.

All eyes will be on this week's GDT result, after price declines resumed in the most recent fortnightly auction.

That has put pressure on Fonterra's opening milk price forecast of $7 a kg of milk solids for the 2014-15 season.

June was a record trading month for NZX Dairy Futures and it also marked a milestone of reaching 100,000 tonnes trades since the market was launched.

The second quarter of 2014 had seen a move to the ''next level'' of trading activity, NZX head of derivatives Kathryn Jaggard said.

Average daily volume reached 325 tonnes over the period and in June it reached arecord high of 600 tonnes traded daily.

The extension of trading hours in August 2013 has contributed to the growth in volume and more recently there had been a ''real increase'' in participation from customers in Asia, Ms Jaggard said.

That organic growth came from increasing demand for risk management in a continuing volatile environment, she said.

The Commodity Futures Trading Commission's authorisation of NZX as a foreign board of trade had also sparked further interest from United States participants.

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