Fonterra raises 2023-24 farmgate milk price to $7.80/kgMS due to strong global dairy trade and increased demand in ME, SE Asia.

Fonterra, a major global dairy exporter, has increased its 2023-2024 season forecast farmgate milk price by 30 cents. The midpoint of the forecast price rose to $7.80 per kilogram of milk solids (kgMS), up from $7.50/kgMS. The forecast range for the season increased to $7.30-$8.30/kgMS, up from $7-$8/kgMS. Fonterra's CEO, Miles Hurrell, attributed the price increase to strong Global Dairy Trade (GDT) auctions and increased demand, particularly from the Middle East and Southeast Asia, for their reference commodity products.

February 11, 2024
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