Synlait Milk hikes 2024-25 season milk price forecast
Fonterra Co-operative Group also hiked their prices
9 September 2024
1 minute read
By: New Zealand's Synlait Milk on Thursday raised its base milk price forecast for the 2024-25 season and said it continues to take a conservative approach, reported Reuters.
The dairy processing company said it expects the base milk price for the season to be NZ$8.60 per kilogram of milk solids (kgMS), up from its previous forecast of NZ$8.00 per kgMS.
Synlait said its conservative forecast reflects the exposure to volatile future global dairy commodity prices at the beginning of the season.
Its peer Fonterra Co-operative Group has also hiked its 2024-25 forecast for farmgate milk price, citing strengthened global dairy prices and an improved balance sheet. The company said in August it expects its fiscal 2024 earnings to be at the top end of its forecast range.
Synlait said it will confirm its final milk price for the 2023-24 season along with its full-year results on Sept. 30.
($1 = 1.6137 New Zealand dollars)
