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Fonterra has lifted its 2025-26 forecast farmgate milk price mid-point to $9.50/kgMS.
As expected, Fonterra has lifted its 2025-26 forecast farmgate milk price mid-point to $9.50/kgMS.
And if global dairy prices keep tracking up, the co-operative is signalling the forecast milk price could go higher.
The co-operative revealed a new forecast milk price range - $9.20 to $9.80/kgMS. Its earlier forecast range was $8.50 to $ 9.50/kgMS.
Fonterra chief executive Miles Hurrell says the co-op has been able to make these changes based on recent improvements in global commodity prices combined with Fonterra’s well contracted sales book.
“As we have seen, global dairy prices have been volatile across the season. Following the declines at the end of 2025, prices have lifted in the last four Global Dairy Trade events.
“Global milk production remains above seasonal norms, meaning the risk of further volatility in pricing remains. As such, we continue to take a balanced approach with our Farmgate Milk Price forecast.
“Our team is focused on enhancing returns for farmer shareholders through the Farmgate Milk Price and earnings, by delivering on our strategy,” says Hurrell.
GDT price index has risen over 18% in the first four auctions of this year.
Whole milk powder price topped a five-month high of US&3706/metric tonne. However, WMP price was over US$4000/MT a year ago.
High dairy prices over the past year have fuelled milk production around the world.
While global milk production remains strong, GDT prices have started with four straight rises this year.
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Fonterra has reduced its forecast 2026/27 Farmgate Milk Price.
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