The first Global Dairy Trade auction of the new season got things off to a pretty average start with the overall index dropping 0.9%. But the pattern was there with declines in six of the last eight events and farmers fearing the 2023/24 season midpoint of $8.00 per kgM may already be under threat. Whole milk powder led the downward momentum with a 3.0% fall. Fonterra’s departing Chief Operating Officer, Fraser Whineray says farmers shouldn’t be worried despite the drop. He says it is too early in the season to make that kind of prediction.
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