First up today, the overnight dairy auction was a terrible one. Prices fell -7.4% in USD terms and -4.8% in NZD terms, principally on an almost -11% dive in the dominant WMP price (-8.5% in NZD terms). Remember these falls are from the prior auction two weeks ago which was also quite weak, so the declines are compounding. The WMP price is down -8.2% from just last week at the GDP Pulse event. The WMP price is back to levels we last had in August 2016.

Source: New Zealand Herald August 15, 2023 22:38 UTC