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ANZ Commodity Price Index: Wheyed down
The ANZ Commodity Price Index for August declined by 5.2%. This is the fifth consecutive fall in the index, and follows a 5.5% decline in July. Falls this month were seen across four of six major commodity groups. The index was 23.5% lower than 12 months earlier. Dairy prices led the declines this month, falling 10.1% m/m, to their lowest level since mid-2004. Prices for all dairy commodities were lower in August. Skim milk and whole milk powder prices led the declines, down 16.0% and 11.2% respectively. International prices for butter, cheese and casein also declined. However, recent lifts in dairy auction prices ... (full story)