Analysts are still gobsmacked at the Global Dairy Auction results which showed a 4% rise for the third consecutive auction. NZX dairy manager Stuart Davison said back-to-back rises of this size are impressive…particularly as they are across the board with cream and butter and the milk powders all performing better than ever before. Stuart Davison says Skim Milk Powder has been a particular star. And on the back of stronger for longer global dairy prices, Westpac has upgraded its 2022/23 farmgate milk price forecast by $1.00 to $8.50/kg. Analyst Nathan Penny says a weaker NZ Dollar sitting between 66 – 67 cents is also supporting a higher forecast.
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