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Global AgInvesting reports:

Dairy prices on the GlobalDairyTrade auction have fallen to their lowest point since February of last year with prices falling 28% so far in 2014.

The decline continues amid concerns that Chinese buyers are relying on stockpiled supplies and will be staying out of the market. To this point, Rabobank has issued a statement that the industry will likely have to wait until 2015 to see a revival in prices.

After a months-long buying spree and stockpiling, Chinese imports of skim milk powder dropped 17% month on month in May while imports of whole milk powder fell 27%, and it is reported that some Chinese buyers are reselling previously bought milk powder shipments to foreign buyers because of a lack of need in China.

At GlobalDairyTrade at auction, whole milk powder dropped 5.4% and showed particularly poor sales for September - November delivery and the January 2015 contract was only 0.1% demonstrating that it will indeed take some time for China to return to the market.

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