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Fonterra says the global dairy market remains largely in balance, but is not without some risk.
“We are keeping a close eye on international trade tensions and geopolitical risks. The weakening Chinese currency means less consumer purchasing power for USD-priced dairy products like ours. There is also continuing volatility in the price of dairy fat.
“On the other side, we have seen good Whole Milk Powder (WMP) demand. Global milk supply growth is slowing and international WMP production expectations are falling.”
The co-op is maintaining its current 2019-20 forecast range of $6.25 to $7.25/kgMS and the Advance Rate schedule, which is set off $6.75/kgMS.
“It is still early in the season with around 2% of our forecast full season milk volume collected to date, so we are retaining a range of +/- 50c/kgMS. As the season progresses and we get greater certainty on production and sales, this range will narrow,” it says.
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