Rabobank lowers forecast NZ milk price, BNZ lifts it

Rabobank says global dairy prices may have peaked. (Image: Depositphotos)

Fri, 10 Sep 2021

Rabobank lowered its New Zealand farmgate milk price for the current season, arguing that lower demand from China is likely to weigh on global dairy prices. BNZ Bank, however, had a different take. Rabobank is now expecting farmers to receive $7.80 per kilogram of milk solids, 20 cents lower than its prior forecast.“Supply is outpacing demand in China, with domestic production growth combined with growing inventories, and these factors point to the potential for a period of destocking later this year and into 2022,” said RaboRe...

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