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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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Canterbury milk processor Synlait is blaming what it calls "a perfect storm" of setbacks for a big loss in its half year result for the six months ended January 31, 2026.
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