ANZ follows Fonterra’s higher milk price forecast

(Image: Getty)

Thu, 22 Feb 2024

ANZ increased its 2023/24 season forecast farmgate milk price on Thursday by 15 cents per kilogram of milksolids, citing a decrease in global milk supply and a weakening New Zealand dollar.The announcement follows an increase of 30c per kilogram of milksolids (kgMS) by Fonterra last week, with ANZ’s forecast price of $7.85 now sitting close to the mid-point of Fonterra’s revised range of $7.30-$8.30 kgMS (from $7-$8).ANZ noted that while Fonterra hadn’t tightened its range, a final milk price at the bottom end of the range wou...

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