BNZ: increased likelihood of record Fonterra milk price this season

Fonterra is holding its annual meeting on Thursday. (Image: Supplied)

Wed, 13 Nov 2024

There is an increased likelihood Fonterra Co-operative Group’s farmgate milk price will hit a new record this season, Bank of New Zealand (BNZ) says.The dairy giant earlier this week narrowed its forecast payout range to between $9 per kilogram of milk solids (kgMS) and $10/kgMS and lifted its midpoint to $9.50/kgMS, up 50c/kgMS.That came after the Global Dairy Trade Index jumped 4.8% at last week’s auction to an average price of US$3,997 (NZ$6,685). Whole milk powder, which has the biggest impact on farmgate prices, incre...

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