July - Global dairy prices dive in Fonterra auction
A Fonterra auction (the company accounts for around 40 per cent of global dairy trade) saw prices for international dairy prices plummet 6.7 per cent in July, with the biggest falls in skimmed and whole milk powder. Rabobank pointed to a "frenetic stock build" in China at the start of the year, and a subsequent drop-off in dairy demand.
