Farmers woke up to Christmas bad news with dairy prices falling by 3.9 per cent in the latest global dairy auction (GDT). The previous auction two weeks ago offered a slight reprieve as the overall index rose 0.4 per cent, following four consecutive declines. The average price per tonne on the Global Dairy Trade index was US$2969 (NZ$4247), with the key price indicator whole milk powder at US$2755, a drop of 2.5 per cent. The auction is the first following Fonterra's decision two weeks ago to drop its payout forecast for the 2017-18 season by 35 cents to $6.40 per kilogram of milksolids. Analysts were expecting ... (full story)