Dairy prices sour, economists rethinking forecasts

Last night's auction was the 7th consecutive fall in prices (Image: Unsplash)

Wed, 21 Jul 2021

The ongoing souring of global dairy prices is leading some economists to rethink their forecasts for this season’s milk price.Whole milk powder prices fell 3.8% to US$3,370 a tonne, despite a large reduction in offer volumes. Skim milk powder fell 5.2% to US$2,971.It was the seventh consecutive fall and surprised markets, which had expected the lack of supply to spur bidders into action.Late last week Fonterra said it was removing 19,500 tonnes of WMP from the GDT platform between August and November 2021, along with 1,000 tonnes it remov...

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