ASB ups dairy price forecast, despite weak Chinese demand

(Image: Getty)

Thu, 18 Jan 2024

Surprisingly strong global prices for dairy products have prompted ASB economists to push their forecast milk price to $7.85 per kilogram of milk solids, compared to Fonterra’s current forecast of around $7.50.The bank said it had been surprised by the resilience of global dairy prices so far this year, particularly because of the relative absence from the market of Chinese buyers.Prices had pushed higher without increased Chinese demand. In last week’s Global Dairy Trade auction, Chinese customers bought the smallest quantity of wh...

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