WELLINGTON, Oct. 9 (Xinhua) — New Zealand’s dairy giant Fonterra Cooperative Group Ltd raised the 2023/24 season forecast Farmgate Milk Price range to 6.5 to 8 NZ dollars per kgMS (Milksolids), with a new midpoint of 7.25 NZ dollars per kgMS, up 50 cents.
The improved outlook reflects both supply and demand dynamics, Fonterra CEO Miles Hurrell said in a statement.
Collections are forecast to be slightly below last season in New Zealand, while aggregate milk growth in key export countries is expected to be below average for the financial year 2024, Hurrell said, adding that the El Nino weather pattern may have further impacts on supply, and this could be driving recent buyer sentiment.
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