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Dairy prices fall to eight-month low


Dairy prices have fallen to the lowest level in eight months, in the latest global auction overnight.

The average price fell 3.6 percent to $US3044 a tonne.

It’s the lowest average price since December, and follows an unchanged price in the previous auction.

The price of whole milk powder – a key factor in setting returns to local farmers – fell 2.1 pecent.

And the volumes sold were down 6 percent.

The continued low prices are likely to put pressure on Fonterra’s forecast payout to farmers of $7 a kilo of milk solids for the season just started.

 

Source: Radio NZ


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