It’s the highest milk price paid by Fonterra in its two-decade-long history. The Big Co op has lifted its 2021/22 forecast farmgate milk price range to $8.90 – $9.50 per kg of milksolids, up from $8.40 – $9.00 per kg previously. This increases the midpoint of the range, which farmers are paid off, by 50 cents to $9.20 per kgMS and if it comes to pass it will be a record and Chief executive Miles Hurrell says the new mid-point would contribute $13.8 billion to the New Zealand economy this season. He says demand globally remains strong as overall, global milk supply growth is tracking below average levels. European milk production growth is down on last year and US milk growth is slowing due to high feed costs. The higher forecast Farmgate Milk Price does put pressure on Fonterra’s margins for the consumer and foodservice businesses.
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