When will global milk production hit a tipping point?
With global milk prices falling, the question is when will key exporting countries reach a tipping point where production starts to dip.
The Global Dairy Trade price index dipped 3.4% over the previous auction.
Whole milk powder fell 2.7%, SMP fell 6.5%, and butter fell 5.9%.
Westpac head of NZ Strategy Imre Speizer says the results disappointed earlier futures market predictions of a small rise on WMP.
Full results
AMF index unchanged, average price US$6,887/MT
Butter index down 5.9%, average price US$5,144/MT
BMP not offered
Ched index down 4.2%, average price US$3,831/MT
LAC index not available, average price not available
RenCas index down 12.6%, average price US$4,644/MT
SMP index down 6.5%, average price US$1,701/MT
WMP index down 2.7%, average price US$2,778/MT
