date:Aug 07, 2014
low at the last two-weekly auction on Tuesday as volumes surged by almost one-third.
Much of the blame for plummeting prices has been linked to a surge in Chinese imports of milk powder in the second half of 2013 following a series of food scandals and supply worries that sparked near panic buying.
China purchased very, very strongly in late 2013/early 2014 and bought more than they needed as it turned out, said Wellington-based Hayley Moynihan, Rabobank's director of dairy research in Asia.