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Skim milk powder fell 5.2% and the butter index dropped 3% at the latest GDT auction, the third sizeable drop in a month. Westpac cut its farmgate milk price forecast by 50 cents to $8.75/kg milksolids and expects weak demand to persist into the new year.
Weakening global dairy demand and a lower farmgate price outlook reduce the value of milk and dairy inputs. Forecasts now show a slower recovery, keeping downward pressure on dairy prices.
farmersweekly.co.nzHugh StringlemanNov 3, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
