Chinese demand drives up Fonterra's forecast milk payout

Thu, 15 Oct 2020

Chinese demand for dairy will help New Zealand weather the impact of a global recession, with Fonterra Cooperative Group hiking its 2021 farmgate milk price forecast. Fonterra lifted the forecast to a range of $6.30-to-$7.30 per kilogram of milk solids from a prior forecast of $5.90-to-$6.90/kgMS. That earlier projection was an improvement on the opening forecast of $5.40-to-$6.90/kgMS provided in May. The mid-point is now $6.80/kgMS which would see more than $10 billion flow into regional New Zealand, Fonterra chief executives Miles...

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