Dairy product prices dropped at the Global Dairy Trade auction, with an unexpected decline in the price of whole milk powder.
The GDT price index declined 3.9 percent from the previous auction two weeks ago to US$2,969. Some 29,592 tonnes of product was sold, marginally higher from 29,514 tonnes two weeks ago.
Whole milk powder fell 2.5 percent to US$2,755 a tonne.
Fonterra Chairman John Wilson spoke to The Country's Jamie Mackay about the disappointing result, saying it is due to the extra milk that has been coming out of Europe lately.
Also in today's interview - John Wilson talks weather, forecast milk prices and whether he's going to milk the cows on his Waikato farm this Christmas.