The price for New Zealand’s most important dairy product, whole milk powder, fell by 13.1% to stand at $1,848/t, cheddar prices fell 13.9% to $2,613/t while butter prices fell 9.5% $2,460/t.

Skim milk powder fell 10.1% to a quoted price of $1,702/t.

The GDT index now stands at 556. This is lower than during the global dairy crash in 2009.

There were a total of 135 bidders who purchased 31,691mt of product. Product levels traded on the GDT have remained strong, but prices continue to be weak.