The ongoing impact of global events on the world dairy market and uncertainty around demand has seen Rabobank set a $9/kg MS forecast for the new dairy season. The war in Ukraine and ongoing covid-19 lockdowns in China have led to Rabobank senior agricultural analyst Emma Higgins declaring economic influences on the dairy sector are now far more uncertain than was the case last season and slow global milk supply growth should ensure New Zealand’s dairy farmers enjoy a sixth consecutive profitable season in 2022-2023. Westpac is also sticking with its 2022/23 forecast of $9.25/kg. Agri Economist Nathan Penny still expects the current dip in Chinese demand will prove temporary as Covid restrictions ease. He says Covid restrictions in Shanghai,are starting to wind back and daily case numbers are falling.
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