Cuts to forecast farmgate prices unlikely despite global dairy price falls

Fonterra started the dairy season with a "cautious approach". (Image: NZME)

Thu, 18 Jul 2024

Cuts to forecast milk payouts are unlikely despite another drop in important reference products.Whole milk powder (WMP) prices – the biggest influence on Fonterra’s milk price – fell a further 1.6% to US$3,142 (NZ$6,344) a metric tonne at Wednesday’s Global Dairy Trade (GDT) auction, although the average price increased 0.4%.After a 6.9% drop across the board at the last auction, expectations had been for another fall at Wednesday's auction.It was the third consecutive fall for WMP, which makes up more than half...

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