Dairy auction prices took a sizeable hit this week in the dairy trade auction. This follows the widening of the Omicron outbreak in China. The outbreak’s epicentre has now shifted from Shanghai to Beijing and Westpac has seen this week’s price fall as significant enough to warrant a 2021/22 milk price forecast downgrade. Senior Agri. Economist Nathan Penny says they have have trimmed their forecast by 10 cents to $9.50/kg but are sticking with a 2022/23 forecast of $9.25/kg. Westpac expects this dip in Chinese demand to prove temporary as this Omicron wave will eventually pass. They say the recent fall in the New Zealand dollar is also offsetting some of the global dairy price fall.
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