Fonterra provides milk price update
Fonterra on the 26 August 2022 revised its 2022/23 forecast Farmgate Milk Price range from NZ$8.75-$10.25 per kgMS to NZ$8.50-$10.00 per kgMS.
This reduces the midpoint of the range from NZ$9.50 to NZ$9.25 per kgMS, however the current advance payment rate of NZ$5.70 per kgMS is unchanged.
Fonterra Chief Executive Miles Hurrell says “the change in the 2022/23 forecast Farmgate Milk Price will be disappointing for our farmers but it reflects a number of factors, including the recent downward trend in global dairy prices driven by some short-term softening in global demand, and the general impact of inflation on purchasing behaviour. However, we believe the longer-term outlook for dairy remains positive,” says Mr Hurrell.
Fonterra will release its financial results for the year ending 31 July 2022 on Thursday, 22 September 2022.
Press Release from Fonterra
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