ANZ cuts its milk price forecast by 60 cents

(Image: Unsplash)

Thu, 10 Aug 2023

ANZ has revised down its farmgate milk price forecast for the 2023-24 season by 60 cents to $7.15 per kilogram of milk solids (kgMS).The new forecast is 15 cents above the $7.00 /kgMS mid-point of Fonterra's recently revised price guidance of $6.25-$7.75 /kgMS.The bank said its forecast for the 2022-23 season remained unchanged at $8.20 /kgMS.It cited deteriorating economic conditions in China and the consequent easing of demand for dairy products. "China is currently experiencing a period of deflation. Consumer confidence is weak, une...

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