Nestlé joins GDT Oversight Board

Food giant Nestlé is set to join the Global Dairy Trade (GDT) Oversight Board and become a bidder group member, filling a vacant position, the international dairy trading platform has announced.

At the October meeting of the GDT Events Oversight Board held in Singapore on Wednesday, October 22 last, it was noted that Falait SPA ceased to be a bidder group member of the oversight board.

Nestrade, a subsidiary of Nestlé SA, was elected to fill the vacant seat and become a bidder group member for the balance of the board’s current term that ends on December 31, 2020, the platform revealed.

Nestrade SA has appointed Kimberly Fisk, global category leader for Nestlé Dairy Procurement, as its representative.

Swiss firm Nestlé is the world’s largest food and beverage company, with more than 2,000 brands and a presence in 190 countries around the world.

GDT index increases in latest auction

Yesterday, Tuesday, November 5, it was revealed that the GDT price index has increased for a fourth successive time.

At the auction, the GDT’s event 247 concluded with the GDT Price Index up 3.7%.

Lasting two hours and 37 minutes, yesterday’s auction saw 199 participating bidders go head to head across 17 rounds with 139 winning bidders emerging.

A total of 38,681MT of product was sold on the day.

Key results:
  • AMF index up 2.6%, average price US$5,191/MT;
  • Butter index up 0.2%, average price US$4,117/MT;
  • BMP index up 5.4%, average price US$2,786/MT;
  • Ched index down 0.6%, average price US$3,609/MT;
  • LAC index down 1.9%, average price US$768/MT;
  • RenCas index up 5.1%, average price US$7,274/MT;
  • SMP index up 6.7%, average price US$2,924/MT;
  • SWP index not available;
  • WMP index up 3.6%, average.

The latest tender marks a fourth consecutive rise for the GDT index, following on from three decreases on the trot previously.