date:Apr 07, 2016
uggled to absorb heavy production in the US, the EU, and New Zealand.
Last month Fonterra said that production in New Zealand, the worlds top exporter, was declining slower than expected, despite the low domestic milk price.
Fonterra saw 2015-16 milk collections falling by 4% year on year, compared to the 6% decline earlier forecast.
Cheddar bucks trend
There were some big gains at the auction. Cheddar prices jumped by 10.5%, to $2,778 a tonne.
This cheddar move was the bright spot, said Mr