Dairy farmers are set for another tough 12 months with Warrnambool Cheese and Butter (WCB) chairman Lino Saputo Jr signalling further falls in milk prices are ahead.
Although 2016 was a tough year for the dairy industry the next 12 months could be even harder as milk prices remain weak, WCB chairman Lino Saputo Jr said at the company's annual general meeting on Monday.
Mr Saputo said the company had already reduced the price paid to suppliers by 14 per cent on July 1.
"Dairy prices remain weak with no change in demand," Mr Saputo said.
WCB's net operating profit after tax dropped nearly 88 per cent or $30.1 million to just $4.2 million in 2015/16 due to falling global milk prices and high relative price of raw milk in the Australian market.
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