AUCKLAND (CU)_Over the recent months there milk production in New Zealand and overseas has been weak as a result of poor weather and higher feed costs. This tight supply has stoked demand for the Pacific island’s biggest export commodity, with global dairy prices reaching an eight-year-high at auction last week.
Against this backdrop, the country’s leading dairy producer Fonterra has decided to…
lift its projected milk payments to farmers to a record high, paving the way for a $13.8 billion economic boost. For the third time this season, the co-operative lifted it forecast for 2021/22 on Tuesday (25 Jan), expecting pay between $8.90 and $9.50 per kilogram of milk solids to farmer suppliers, a significant increase from the $8.40-$9 per kgMS forecast in early-December.
