$8 final milk price likely
An $8/kgMS farm gate milk price is still on the cards with less than six weeks left to run this season.
Global dairy prices plunged overnight putting further pressure on a depressed farmgate milk price.
The Global Dairy Trade (GDT) auction overnight saw the price index slump 7.4%.
But of more concern to farmers will be the 10.9% drop in whole milk powder prices to US$2,548/metric tonne, the lowest in five years.
One year ago, WMP prices were around US$3,733/MT.
But subdued buying from Chinese customers has seen demand wane over the past 12 months.
A slow recovery of China’s food service sector has left Fonterra’s biggest market buying less products on GDT.
Fonterra recently slashed $1 off its forecast milk price range mid-point – from $8/kgMS to $7/kgMS. The latest GDT result means another revision may be on the cards.
GDT results
Global Dairy Trade Event 338 concluded with the GDT Price Index down 7.4%
Key Results
One of Fonterra’s global customers, Mars is launching an ambitious sustainable dairy plan to work with dairy farmers and cut emissions by 50%.
Beef + Lamb New Zealand chief executive for the past eight years, Sam McIvor is heading for new pastures at Ospri, which runs NZ’s integrated animal disease management and traceability service.
The world's largest wool scouring facility, WoolWorks Awatoto plant in Napier, is back operating at full capacity.
A year on and the problems created by Cyclones Hale and Gabrielle has largely dropped off the radar of media and politicians.
Feeling forgotten and in a fragile space financially and mentally.
Horticulture NZ chief executive Nadine Tunley will step down in August.