Following yesterday’s dairy auction Westpac has upped its 2021/22 farmgate milk price forecast by another 40 cents to $8.90/kg which would be a record high, surpassing the $8.40/kg payout of 2013/14. But Agri Economist Nathan Penny has set Westpac’s opening 2022/23 farmgate milk price forecast at $6.90/kg which is a $2.00/kg downgrade on their 2021/22 forecast. He says the main reason is that New Zealand production is running at 3.1% behind the same stage of last season with October weak and November not much better. European production for the first eight months of the year has also been flat. But yesterday’s 1.9 % rise in the dairy auction is seen as another positive by NZX Dairy Analyst Stuart Davison who says it was the return of North Asia AKA China that made the difference.
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