Thursday 2nd October 2008
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Milk powder for December delivery fell to an average price of US$2,865 a metric ton in an auction yesterday, the third such decline in as many sales.
Fonterra, the world's biggest exporter of dairy products, last week cut its forecast milk payment to farmers for the current season by 16% to NZ$6.60 a kilogram, from the record NZ$7.90 it paid last year, reflecting falling prices. Chairman Henry van der Heyden said a decline in the New Zealand dollar may not be enough to offset falling global dairy prices.
Milk powder for delivery in January through to March fell 16% to an average US$2,897 a ton, and for April to June declined 9% to $3,035 a ton, according to GlobalDairyTrade.
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