Fonterra has said that dairy prices are continuing to fall, as the global dairy market comes under increasing pressure from the worldwide economic recession.
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Citing the results of its February online trading event, which was held this morning (4 February), the New Zealand dairy giant said that prices were down 8.2% on January’s levels.
The average price of whole milk powder (WMP) was US$1,851 per tonne, the company said.
“Prices… are not sustainable for global suppliers,” warned Kelvin Wickham, Fonterra’s MD of Global Trade.
“Prices remain under pressure due to weak demand. However, supply is slowing, inventories are running down and we believe we are in the trough of the market.”
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