In a somewhat ironic twist, the global Covid pandemic is helping to drive demand for New Zealand kiwifruit.

Rabobank has joined the group of milk processors and banks forecasting a milk price of $8-plus for the new season.

Revenue from primary exports is predicted to reach a record high of $49.6 billion in the next 12 months - all being equal.

OPINION: Your old mate reckons Fonterra and its dairy farmer shareholders may well be all cock-a-hoop about the prospects of a near $8 payout this year and one north of $8 next year.

Dairy Global dairy spot markets, for the most part, have been stuck in neutral through May.

New Zealand red meat exports remained steady in April with a total of $863 million worth of meat and co-products exported to global markets.

Fonterra's small group of organic farmers are facing a drop in milk price after a record $10.26/kgMS payout last year.

Global food prices rose at their fastest monthly rate in more than a decade in May, the Food and Agriculture Organization of the United Nations (FAO) has reported.

New Zealand's strong wool sector is in the doldrums, with record low prices and little hope on the horizon.

Fonterra is sticking to normalised earnings guidance of 25-35 cents per share for this year.