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GlobalDairyTrade auction results
Dairy auction prices plunged overnight. Overall prices slumped 7.4%, while key whole milk powder (WMP) prices plunged 10.9%. Both WMP and overall prices have fallen by a quarter over the past year. Looking over a longer period, WMP prices are now at a seven-year low. The auction result was weaker than expectations. We had pencilled in a 5% WMP price fall late last week, while the futures market, immediately ahead of the auction, had expected WMP prices to fall by around 7%. The auction price decline was broad based. Four out of five products on offer posted falls. After the WMP price fall, anhydrous milk fat posted ... (full story)