Fonterra hikes forecast milk price on booming Asian demand

Fonterra hikes forecast milk price on booming Asian demand
Paul McBeth
Fonterra raised its forecast payment to farmers for their milk, with strong demand from Chinese and South-East Asian buyers today pushing whole milk powder prices near a five-year high.The world’s biggest dairy exporter raised the forecast milk price to $6.90 to $7.50 per kilogram of milk solids, up from a previous range of $6.70 to $7.30/kgMS, further cementing the primary sector's role in underpinning New Zealand's economic prospects as the covid-19 pandemic rolls on.The $7.20/kgMS midpoint would see Fonterra pay $10.98 billion...

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