In New Zealand, all eyes will be on Fonterra, which is currently forecasting a mid-point of $10/kgMS but a wide range of $9 to $11 for this season's milk.
In Ireland, DairyGold became the latest processor to slash its October price by 3.25c (NZ 6c). Other key Irish dairy processors Kerry Dairy Ireland and Lakeland Dairies slashed their prices as well.
The rationale behind the price reduction is explicitly tied to deteriorating international market fundamentals - a prolonged environment where strong global milk supply continues to exceed demand.
