Rising milk price buoys NZ Rural Land Co outlook

(Image: Getty)

Tue, 24 Oct 2023

New Zealand Rural Land Co is upbeat about the outlook for its dairy farmer tenants, saying rising milk prices will more than offset an upcoming rent hike. The NZ stock exchange-listed farm landlord said recent Global Dairy Trade auctions imply a milk price of $7.90 per kilogram of milk solids, a premium to the midpoint of Fonterra’s October forecast of $7.25/kgMS. The dairy processor raised its forecast to a range of $6.50/kgMS-to-$8/kgMS. The company said it uses the GDT price as a proxy for milk price and on-farm pro...

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