There was a drop in the GlobalDairyTrade auction overnight by 3.5 per cent with whole milk powder down 5.5 per cent.
Although the drop wasn't unexpected it was still disappointing and "not a great result," says Rabobank's senior dairy analyst Michael Harvey who spoke to The Country about the GDTresults today.
Harvey casts his analytical eye over not only the results but also whether it will put pressure on Fonterra's $6.75 forecast payout for the current 2017/18 season.
Finally the senior dairy analyst talks to The Country's Jamie Mackay about domestic and global milk production and what's in store for butter.
