December 4, 2019 / 7:58 PM / 5 days ago

NZ's Fonterra raises 2019/20 forecast farmgate milk price

Dec 5 (Reuters) - Dairy behemoth Fonterra Co-Operative Group Ltd on Thursday raised its forecast milk payment to farmers for the 2019-2020 season due to recovering global dairy prices.

The company upgraded its forecast farmgate milk price range to between NZ$7.00 and NZ$7.60 per kilogram of milk solids (kgMS) from a earlier outlook of between NZ$6.55 and NZ$7.55 kgMS.

“The higher price reflects a global dairy market that is tipped slightly in favour of demand,” Fonterra Chairman John Monaghan said.

Reporting by Niyati Shetty and Shreya Mariam Job in Bengaluru

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