Dairy prices fall

Dairy commodity prices fell at Fonterra's overnight online auction, with the GlobalDairyTrade trade weighted index dropping 6.7 percent, on top of a 2.6 percent fall at the previous event in mid-June.

The average winning price at the latest event, overnight, was $US4017 ($NZ4864), down from $US4324 previously.

The trade weighted price for anhydrous milk fat fell 1.4 percent with the average winning price at $US5278, skim milk powder fell 7.2 percent with the average winning price at $US3704, while whole milk powder dropped 6.8 percent with the price at $US3638.

BNZ currency strategist Mike Burrowes said the result was not completely unexpected given recent falls in other soft commodity prices, while global dairy prices remained 17.5 percent higher than this time last year.

NZPA

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