It's all about speed, says chief executive Theo Spierings

Thank goodness for the dairy industry...

Prices of dairy products fell overnight by the most in eight months on Fonterra's online auction platform amid concern demand for commodities may be slowing with China's growth outlook.

Dairy giant Fonterra will reduce its domestic milk price from the end of the month and the savings look likely to be passed on to consumers at supermarkets. Fonterra froze the wholesale milk price for New Zealand after a public outcry last year.