OPINION: The pain continues at listed Canterbury milk processor Synlait.
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.”