Photo / FileThe Global Dairy Trade auction has recorded another fall, making it eight drops in the last nine auctions, following a 'bolt from the blue' 15 per cent jump back in March. Whole Milk Powder - which has the biggest influence on Fonterra's farmgate milk price - fell 3.8 per cent and over US$130/MT to an average US$3730/MT. Cheddar, which slid 9.2 per cent in the previous event, rallied slight to finish up 1.3 per cent and average US$4022/MT. Butter Milk Powder and Sweet Whey Powder were not offered at this event. On May 26, Fonterra announced an opening forecast Farmgate Milk Price range for the 2021/22 season of $7.25 - $8.75 per kgMS, with a midpoint of $8 per kgMS.

Source: New Zealand Herald July 20, 2021 22:41 UTC