Westpac lowers milk price forecast due to 'ongoing sluggishness' in Chinese market

Westpac still expects global prices to eventually recover, says Nathan Penny. (Image: Fonterra)

Wed, 26 Jul 2023

Westpac has lowered its milk price forecast by more than a dollar per kilogram of milk solids due to “ongoing sluggishness” in the Chinese market.And it believes Fonterra “might” lower its range.The bank is now forecasting a milk price of $7.80 per kilogram of milk solids (kgMS), down from $8.90 per kgMS for the new dairy season.That’s compared to Fonterra’s latest forecast for $7.25 to $8.75 per kgMS, with a midpoint of $8.00. ANZ Bank has also lowered its forecast to $7.75 per kgMS.The slashed forecas...

Subscribe to BusinessDesk

Unlock access to all stories with this special annual deal for just $99. Sale ends Monday 25 November 2024 11.59pm.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Subscription renews at $349. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}