Fonterra slashes forecast milk price, again
Fonterra has slashed another 50c off its milk price forecast as global milk flows shows no sign of easing.
Fonterra’s New Zealand collection for September was 179.1 million kgMS, down 0.1% on the same month last season. Season to date collection was 309.4m kgMS, up 0.8% on last season.
New Zealand milk production was down 0.7% on a litre basis but was up 0.7% on a milk solids basis in September compared to the same period last year. The variance between milk solids and liquid milk indicates improved pasture quality from last September, the update says.
“Despite several cold snaps in parts of the South Island, average temperatures were recorded across much of the country and on-farm pasture conditions remain good,” the update says.
Fonterra’s North Island milk collection in September was up 1.1% on last September and the season to date is up 1.7% on last season. Favourable conditions are expected to continue for the North Island.
The cooperative’s South Island milk collection in September was down 2.1% on last September and in the season to date collection was 98.5m kgMS, down 1.1% on last season.
