Average prices of dairy products fell for the fourth sale in a row in Fonterra's latest online auction, tracking a broader decline in global commodity prices.
The GDT-TWI Price Index fell 1.3 per cent to US$3,716 a metric tonne, according to results posted on the globalDairyTrade auction website. That's the lowest since the December sale.
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Prices at the auction are weakening as Fonterra faces increased scrutiny of its charging in the domestic market, with a team of government official reviewing the Raw Milk Regulations. The Commerce Commission yesterday passed on seeking to have local prices regulated, pending the outcome of the review.
The Thomson Reuters/Jefferies CRB Commodity Index of 19 commodities is at its lowest in almost a month.