Plunge in whole milk powder worse than expected

(Image: Getty)

Wed, 16 Aug 2023

A plunge in whole milk powder prices in the overnight Global Dairy Trade auction was worse than expected.Whole milk powder, which has the biggest influence on Fonterra’s forecast milk price, was down 10.9% to US$2,548 (NZ$4,282) a tonne. It was the lowest since August 2016, according to ANZ Bank economists. Analysts had been expecting a fall of around 6% in WMP and a floor price of US$2,600 a tonne. “WMP easing further adds a significant level of uncertainty around where to next, with the floor price unchallenged fo...

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