Dairy auction prices dipped further overnight. Overall prices fell 4.3%, while key whole milk powder (WMP) prices dipped sharply (down 8.0%). In annual change terms, WMP and overall prices are down 21% and 19%, respectively. Price falls in last night’s auction were broad based, with five out of the six products on offer posting falls. Aside from the steep WMP price decline, most price falls were modest. For example, skim milk powder and butter fell 1.4% and 0.7%, respectively. This pattern is the mirror image of the July auctions where WMP prices posted relatively modest falls, while other product prices generally ... (full story)