date:Sep 17, 2015
prices, said Mr Bailey.
European producers are still cranking out plenty of milk, and US prices are still largely above breakeven.
But New Zealand farmers have been hard hit by the fall in prices.
Cost-cutting
Mr Bailey said than New Zealand production could fall by as much as 5-10% next season, as cash-strapped farmers cut costs.
Feed is going to be one of the first things to go, he said, while farmers could also bring in less-frequent milking to cut labour costs, reduce fertilizer-spread