Strong production, tested demand send milk prices crashing
Strong global milk production and rebalancing of demand among key buyers has delivered one of the biggest drops in whole milk powder prices in recent years.
The 40c jump in Synlait’s milk price matches Fonterra’s mid-point and points to further consolidation around a minimum $9 payout for the season.
Synlait says continued strengthening in global commodities prices, off the back of contractions in global supply, drive this forecast increase.
The company says that it remains committed to delivering a competitive milk price, advanced rates, and to ensure its on-farm offering remains highly attractive to farmer suppliers.
Forecasts are based on the best information available to Synlait at the time, it says.
Synlait will continue to monitor movements and update farmer suppliers as required.
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