October 21, 2019 / 7:47 PM / 4 months ago

NZ's Fonterra raises Farmgate Milk price forecast

Oct 22 (Reuters) - The world’s biggest dairy exporter Fonterra on Tuesday increased its 2019-2020 guidance for its Farmgate Milk price, saying it has managed to achieve firm prices for its milk so far this year.

“Demand for whole milk powder (WMP) has been firm, and for the full season we’re expecting it to be above last year,” said Chairman John Monaghan.

Fonterra increased its 2019-2020 forecast Farmgate Milk Price, the price it pays farmers to procure milk, to between NZ$6.55 and NZ$7.55 per kilogram of milk solids (kgMS) from between NZ$6.25 and NZ$7.25 per kgMS it had earlier forecast. (Reporting by Rashmi Ashok in Bengaluru Editing by Chris Reese)

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