August 28, 2013

 
Fonterra raises 2013-14 milk price forecast

Buoyed by an on-going rise in international dairy prices, New Zealand's Fonterra raised its milk price forecast for the 2013-14 season on Tuesday (Aug 20).

The world's largest dairy exporter raised its forecast Farmgate Milk Price by NZD0.30 (US$0.23) to NZD7.80 (US$6.14) per kilogramme of milk solids, which would take its forecast cash payout price to NZD8.12 (US$6.30).

Global dairy prices continue to rise after a global food scare earlier this month, when Fonterra said some of its products could contain a bacterium that can cause botulism.

Its products have been removed from shelves in around nine countries, including China, while other countries have restricted imports.