Global dairy prices dropped 7.4 percent last week – with whole milk powder plunging 10.9 percent.
Fonterra‘s twice recently cut its forecast Farmgate Milk Price.
It’s put the midpoint at six-dollars-75-per-kilo of milk solids, down from seven.
Fonterra CEO Miles Hurrell says there’ll be a bit of pain over the next few months – but demand is picking up.
He says he’d like to think by the end of this year into early next year, there’ll be signs of life.
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