Parmalat Suffers as Australian Grocers Reduce Milk to $1

Parmalat Suffers as Australian Grocers Reduce Milk to $1

Carla Gottgens/Bloomberg

Farmers in Australia’s A$4 billion ($4 billion) dairy industry are striking direct deals with supermarkets that control 80 percent of the country’s grocery sector, as a drive to sell milk for A$1 a liter ($3.92 a gallon) squeezes profits.