evidence: An estimated $5 billion has been wiped off of the economy with news today that Fonterra has reduced its forecast farmgate milk price midpoint from $8 to $7kg/MS. [...] Fonterra said its forecast farmgate price range for the coming season is now $6.25-$7.75/kgMS, with a midpoint of $7/kgMS, down from $7.25-$8.75/kgMS, with a midpoint of $8/kgMS. [...] Since then, Global Dairy Trade (GDT) whole milk powder prices have fallen 12% and China’s share of GDT events has been below average.