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Prices fall sharply at latest global dairy auction

Farmers woke up to Christmas bad news with dairy prices falling by 3.9 per cent in the latest Global Dairy Trade auction (GDT).

The previous auction two weeks ago offered a slight reprieve as the overall index rose 0.4 per cent, following four consecutive declines.

The average price per tonne on the Global Dairy Trade index was US$2969 (NZ$4247), with the key price indicator whole milk powder at US$2755, a drop of 2.5 per cent.

The auction is the first following Fonterra's decision two weeks ago to drop its payout forecast for the 2017-18 season by 35 cents to $6.40 per kilogram of milksolids.

Skim milk powder fell 4.8 per cent to US$1675, while cheddar was down 7.9 per cent to US$3389.

More at NZFarmer.co.nz.

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