When will global milk production hit a tipping point?
With global milk prices falling, the question is when will key exporting countries reach a tipping point where production starts to dip.
Overall prices were down 0.1%, while key whole milk powder (WMP) prices were up 0.1%.
Looking at January as a whole, dairy prices have started 2023 on a soft note.
Westpac senior agri economist Nathan Penny nots that cumulatively over the month, overall and WMP prices have fallen 2.8% and 1.2% respectively.
"By product, most price movements were also small," he says.
"Of the five products we monitor, four products posted price changes of less than 1% either way.
"The outlier was cheddar, which saw a 4% price lift overnight. This result was largely in line with futures market expectations."
