[4 July/NBR]

Dairy prices fell 10 percent at the Global Dairy Trade auction. This auction marked the 10th anniversary since it started. Whole milk powder fell by 7.3 percent which was the largest decline. Prices were under pressure due to the total volume sold increasing. Fonterra’s latest production update reported a 6.6 percent increase in May. Production was also rising in other dairy countries such as Australia and the EU. The price of skim milk powder fell 4.6 percent. The 118 winning bids were slightly down on the previous auction.  The next auction will be held on 17 July.