As debate rages in New Zealand’s farming industries over the Ardern government’s plan for charges on agricultural emissions, prices at Fonterra’s Global Dairy Trade fortnightly auction have fallen to their lowest level in nearly two years.

The average price at the sale fell 3.9% to US$3537 (NZD$6054) a tonne, after falling 4.6% in the previous auction.

Prices havegenerally been fallingsince hitting arecord high in March, and are now at their lowest level since January last year.

Wholemilk powder fell 3.4% to US$3279 a tonne and skimmilk powder 8.5% to US$2972 a tonne, while butter was marginally up at US$4868 a tonne (though a long way down from its peak in March above US$7000 a tonne) and cheddar 0.9% to US$4802 a tonne.