Rabobank holds 2017/18 farmgate milk price forecast at $6.25
Rabobank holds 2017/18 farmgate milk price forecast at $6.25/kgMS
Milk production growth in New Zealand is predicted to be strong this season, with 2-3 per cent growth forecast for the 2017/18 season, according to Rabobank’s latest Global Dairy Quarterly report.
Rabobank dairy analyst Emma Higgins said strong farmgate milk price signals from processors had helped boost optimism for New Zealand dairy farmers early in the new season, with the likely result being a lift in milk supply.
Fonterra’s opening forecast of $6.50/kgMS for the new 2017/18 season farmgate milk price was a vast step up on last season’s opening forecast and reflects improvement in commodity markets since the end of last year, Ms Higgins said.