Thursday, 28 May 2020 10:36

Synlait's milk price drop

Written by Staff Reporters

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Synlait chief executive Leon Clement.

Canterbury milk processor Synlait has reduced its 2019-20 forecast base milk price by 20c to $7.05/kgMS.

Synlait chief executive Leon Clement says that in line with other commodities, dairy prices have eased significantly this year.

“As a result (prices) are lower than we were anticipating when the forecast was set in January.”

Synlait’s opening forecast for the 2020- 21 season is $6/kgMS.

Clement says COVID-19 has created significant global uncertainty.

“We don’t yet have a clear view of COVID-19’s economic impact, but we do know it will impact demand, resulting in our decision to release a conservative opening forecast for the 2020- 2021 season.”

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