The GlobalDairyTrade price index dropped 8.9% in this morning’s auction.
The drop to US$3,309 a tonne takes the GDT to the lowest price since December 2012.
. . . The New Zealand dollar was trading at 88.16 US cents before the release. It dropped as low as 87.50 cents and was recently trading at 87.65 cents. . .
One factor influencing the price is the drop in the price of corn in the USA which is making milk production cheaper there.