Synlait Milk hikes price forecast for 2023/2024 season
International milk prices rise as volumes drop
22 January 2024
1 minute read
By: New Zealand's Synlait Milk on Friday raised its base milk price forecast for the 2023/2024 season for a second time, as dairy commodity prices continued to improve, reported Reuters.
The dairy milk producer said it now expects base milk price for the season to be NZ$7.50 ($4.58) per kilogram of milk solids (kgMS), compared with its earlier forecast of NZ$7.25 per kgMS.
International milk prices rose while volumes dropped in January's second Global Dairy Trade auction held by GDT Events.
"While global demand remains subdued, global milk production has tightened, increasing dairy commodity prices," Synlait said.
The company added that the revised forecast for milk price will bring some relief to its farmer suppliers who are operating under tough economic market conditions.
($1 = 1.6372 New Zealand dollars)
