Dairy prices fell for the fourth time in a row at this morning's GlobalDairyTrade auction, putting more downward pressure on Fonterra's farmgate milk price forecast which is currently $6.75/kg of milksolids.
The GDT price index fell by 3.4 per cent and whole milk powder prices fell 2.7 per cent to US$2778 a tonne.
Miles Hurrell, chief operating officer of Fonterra Farm Source, spoke to The Country's Andy Thompson saying the drop is "more than we were expecting."
Also in today's interview: Miles and Andy pay tribute to Michael Spaans and tackle some dairy detractors.
Listen below: