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Whole milk powder fell 2.7% at the GDT auction to US$2,778 per tonne, its lowest level since October 2016. Fonterra reported October milk production up 3%, and ASB cut its forecast payout by 25 cents to NZ$6.50 per kg milk solids.
Higher New Zealand supply combined with weaker global dairy prices points to continued downward pressure on dairy product prices and farm payouts.
rnz.co.nzTe Reo Irirangi o AotearoaNov 22, 2017Not 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.
