Westpac lifts milk price forecast to $10/kgMS

Westpac’s new forecast sits at the top end of Fonterra’s range and close to the futures price of $9.90/kgMS. (Image: NZME)

Riley Kennedy

Wed, 20 Nov 2024

Westpac NZ has lifted its forecast farmgate milk price to $10 per kilogram of milksolid payout as Chinese buyers push up prices.Meanwhile, ASB has also lifted to $9.75/kgMS on Wednesday afternoon.The banks’ increases followed another jump in global dairy prices overnight as inventory levels in China continue to drop.The Global Dairy Trade Index hit its highest level since July 2022 at Wednesday’s auction, up 1.9% to an average price of US$4,089 (NZ$6,930) a metric tonne.Whole milk powder (WMP) – which has the biggest influence...

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