Dairy is a huge export for New Zealand
The overnight dairy auction in London saw prices slip a little again:
Offsetting the fall in the index somewhat was the rise in WPMO, up 2.1% at the auction.
Lower dairy prices are a negative input for the NZD.
WPAC lower forecast (2019-2020) to 6.50 from 6.70 NZD prior / kgms
Citing:
- slower global growth, dairy prices to fall on this
- NZ milk production to rise 0.5% in 2019/20 season