23 minutes ago
Prices slipped at the Global Dairy Trade auction again, as ample product availability and ongoing milk production growth keeps pricing under pressure.
The average price fell 2.8 percent overnight to US$3979 (NZ$6764) a tonne at the global dairy trade auction overnight. It comes after a 0.6 percent fall at the previous auction a fortnight ago.
The important whole milk powder price, which influences dairy farmer payouts in New Zealand, fell 3.1 percent to US$3589 (NZ$6101) a tonne. Skim milk powder also dropped 3.6 percent.
In a note, New Zealand Exchange head of dairy insights Cristina Alvarado said the price fall was not unexpected, with market sentiments ahead of the event "firmly negative".
