Global dairy prices plunged by 7.4 percent overnight at the Global Dairy Trade auction.
Whole Milk Powder, which has the biggest influence on Fonterra’s milk price, dropped 10.9-percent.
It comes less than two weeks after the dairy co-op drastically cut its forecast Farmgate Milk Price – with the midpoint falling from $8 to just $7.
JMI Wealth Director Andrew Kelleher told Mike Hosking the drop was expected.
He says the real issue is how long prices will stay this low for.
Based on new data from the USDA Economic Research Service (ERS), increased consumption of cheese, butter and yogurt helped offset another year-to-year decline in fluid beverage milk.
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