NZX milk futures fall below Fonterra forecast as traders bet on downward revision

Thu, 06 Oct 2016

By Tina Morrison Oct. 7 (BusinessDesk) - New Zealand milk price futures have fallen below Fonterra Cooperative Group's current farmgate payout forecast as traders doubt a sharp gain in prices can be sustained. The NZX milk futures contract for the 2016/17 season hit a record $5.65 per kilogram of milk solids following four consecutive gains in whole milk powder prices on the GlobalDairyTrade auction platform, which pushed up the average price by 36 percent to US$2,793 a tonne on Sept. 6. However, a 4.1 percent decline in whole milk powder...

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