WELLINGTON, Sept. 21 (Xinhua) -- New Zealand dairy giant Fonterra on Monday raised its forecast farmgate milk price midpoint for the 2026/27 season, citing improvements in global dairy commodity prices.
The new forecast midpoint has lifted to 9.5 NZ dollars (5.44 U.S. dollars) per kg of milk solids from 9.25 NZ dollars. The cooperative also narrowed its forecast range to 8.5-10.5 NZ dollars per kg of milk solids from 8-10.5 NZ dollars previously, Fonterra said in a statement.
Fonterra's Farmgate Milk Price is the average price it expects to pay farmers for milk supplied during the season.
Fonterra CEO Richard Allen said the higher midpoint reflected recent improvements in global commodity prices, with Global Dairy Trade auction results for key products, particularly whole milk powder and skim milk powder, improving since the company's last update in July. ■