NZX milk powder futures suggest dairy prices will extend slide at next week's GDT auction

Tue, 07 Jul 2015

By Tina Morrison July 8 (BusinessDesk) - The price for New Zealand's key dairy export, whole milk powder, may drop further at next week's GlobalDairyTrade auction as the country starts to ramp up production amid a global glut in milk supply. The current July whole milk powder futures contract last traded on the NZX at US$1,910 a tonne. Because the price is an average of two fortnightly auctions and the contract was priced at US$2,000 a tonne in last week's auction, traders see a decline of 10 percent to US$1,800 a tonne next week. The lon...

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