16-04-2014 02:27 AM | New Zealand

Dairy prices extend decline, pressuring Fonterra milk payout

Dairy prices fell for a fifth straight auction, suggesting Fonterra Cooperative Group Ltd. (FSF) may have to reduce its forecast milk payout to New Zealand farmers.

The GlobalDairyTrade Price Index dropped 2.6 percent in a two-weekly auction overnight, extending its cumulative decline in the last five events to 21.9 percent. Whole milk powder prices eased 1.6 percent for a 21.8 percent drop over the past 10 weeks.
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