A week of bad news has continued for the country’s dairy farmers, with a significant fall in the latest Global Dairy Trade auction, held overnight.
Prices dropped 4.7 per cent across the board - the fourth consecutive decline – with the index falling 2.6 per cent on March 21, 0.7 per cent on March 7 and 1.5 per cent on February 21.
Whole milk powder, which peaked in March 2022 at US$4757/MT, plunged 5.2 per cent to an average of US$3053/MT.
This is the lowest the commodity has sat since November 2020.
Skim milk powder - Fonterra’s second-biggest reference product – dropped 2.5 per cent to an average of US$2579/MT.