The downturn in New Zealand dairying shows no signs of abating. Despite Rabobank indicating that there are signs of a recovery in the markets towards the end of 2015, the New Zealand central bank in the past few days has moved to play down any hopes of a recovery.

As the Global Dairy Trade (GDT) suffered its ninth consecutive fall, New Zealand milk prices are expected to fall to a ten-year low. Last week, we examined just how the GDT works and who is buying.