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...

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