Australian farmers could be facing a 25% fall in milk prices this season, cautioned John McQueen, CEO of the Australian Dairy Farmers Federation (ADFF). McQueen's warning came in response to a global slump in dairy prices, bought on by subsidized overproduction of milk, cheese and butter in the EU and the US. The US, he says, for example, has nearly 500,000 tonnes of skim powder in storage.