IFA: 8.4% fall in global dairy auction price an overreaction by operators

A further 8.4% fall in the average GlobalDairyTrade auction price was an overreaction by operators to high global supplies, according to the Irish Farmers Association.

The IFA said the prices reached in the auction platform for internationally traded commodity dairy products were unsustainable, even for New Zealand farmers.

Dairy committee chairman Sean O’Leary said the GlobalDairyTrade was now operating independently from the market evolution on US and European markets, where prices were holding up at significantly higher levels.