Fonterra’s milk payout miles ahead of this time last year

Fonterra's Takaka factory. (Image: BusinessDesk)

Mon, 26 Aug 2024

Strong demand for higher volumes and Chinese buyers returning to the table gave Fonterra confidence to up its forecast milk payout, chief executive Miles Hurrell says.On Friday, the dairy giant adjusted its forecast farmgate payout, lifting its midpoint by 50c to $8.50/kgMS with a range of between $7.75/kgMS and $9.25/kgMS.It came after Wednesday’s Global Dairy Trade (GDT) auction, which saw prices surge, resulting in the biggest jump in over three years.The price index rose 5.5% to US$3,920 (NZ$6,368) a metric tonne (MT) – the most...

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