Global milk prices fall 0.5%, says world’s biggest dairy exporter

International milk prices slipped at the latest global auction, New Zealand’s Fonterra Co-operative Group, the world’s biggest dairy exporter, said yesterday as prices reversed a rise at the previous sale.

Fonterra’s Global Dairy Trade-Trade Weighted Index, which covers 30 products and contract periods on offer, fell 0.5%, with an average selling price of $3,042 (€2,400) per tonne.

Prices resumed their downward trend of the past two months, after climbing 13.5% at the last auction earlier this month.