Fonterra ups milk price forecast by 50c
Fonterra has raised its farmgate milk price forecast by 50 cents to $4.75 per kg of milksolids.
Fonterra has raised its farmgate milk price forecast by 50 cents to $4.75 per kg of milksolids.
The futures market suggests an earnings upgrade might be on the way for Fonterra's farmers.
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The New Zealand dollar was little changed above 72 US cents after minutes of the Federal Reserve meeting.
The New Zealand dollar climbed after figures showed the US consumer price index was flat last month while the price of whole milk
The New Zealand dollar climbed after dairy prices rose more than expected at the latest GlobalDairyTrade auction.
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Cost cutting by farmers had helped to drag down Dairy NZ's break-even price to $5.05 per kg of milk solids from $5.25 previously.
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The dairy giant has stuck with its farmgate milkprice of $4.25.
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International dairy prices edged down at the latest GlobalDairyTrade auction, the GDT price index falling by 0.4 per cent since the previous sale last month.
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Dairy prices ended the 2015/6 season on a firm note with the GlobalDairyTrade price index rising by 2.6 per cent at this morning's auction.
Dairy prices should start improving 'in the medium term'.