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As you can see from above all product prices in Fonterra's globalDairy auction fell.
Today, on the CME grade A NFDM lost tow cents to close at $1.21/lb. For comparison, the average Fonterra auction price for SMP was $1.39 per pound.
We continue to be way below world prices. How long ago were we told we need to produce at world prices?
I got a tip fr4om a fairly reliable source in the NFDM business that they expect the powder price to nosedive soon. These world price declines may be a reflection of that or it just may be a ploy by Fonterra and others to drive the milk price down.
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