Whole milk powder prices, which have the greatest bearing on Fonterra’s milk price, jumped by 3.25% to US$3,826 ($6465) a tonne. He said higher milk prices, coupled with strong production, would mean an extra $4 billion going into the economy compared with last season. “So you have got added volume and the likelihood of a pretty good price coming through,” he said. Anna Palairet, Fonterra’s chief operating officer, told The Country radio show that the auction had given the co-op confidence about its current milk price forecast. BNZ last week issued a forecast of $9.75/kg milk farmgate milk price for 2024/25, adding $10/kg was a possibility.

Source: New Zealand Herald November 20, 2024 11:54 UTC