Fonterra HQ has gazumped moves by dissident shareholders...

Prices have plunged overnight in the latest world dairy auction, falling to below the 10-year average for the first time since 2009.

Thank goodness for the dairy industry...

Prices of dairy products fell overnight by the most in eight months on Fonterra's online auction platform amid concern demand for commodities may be slowing with China's growth outlook.

Dairy giant Fonterra will reduce its domestic milk price from the end of the month and the savings look likely to be passed on to consumers at supermarkets. Fonterra froze the wholesale milk price for New Zealand after a public outcry last year.