It looked like bad news on the 10th anniversary of Fonterra's Global Dairy Trade Auction, with a 5.0 per cent slump overnight and Whole Milk Powder plunging 7.3 per cent.
However, Fonterra's COO Farm Source Miles Hurrell says it's not all bad news when he spoke to The Country's Jamie Mackay.
Although Hurrell admits the result was "not a great start," he see a silver lining, as he expects renewed interest from buyers at these levels, and an insulating effect from a falling exchange rate.
Read more: Dairy product prices decline for eighth time in 10 auctions
Hurrell also says Fonterra is sticking to its predicted $7 milk price payout for its farmers.
