New Delhi, Feb. 12 -- New Zealand's Fonterra FCG.NZhiked its 2023-24 season's forecast for farmgate milk price on Monday, citing strong global dairy prices and more demand in the Middle East and Southeast Asia.
The dairy company hiked the forecast range for its farmgate milk price - the price it pays to farmers for milk - to between NZ$7.30 and NZ$8.30 per kg of milk solids (kgMS) from its prior range of between NZ$7.00 and NZ$8.00 per kgMS according to the reports published in nasdaq.com.
"Recently, we've seen a lift in demand, primarily from the Middle East and South East Asia, for our reference commodity products and this has been reflected in GDT (Global Dairy Trade) prices," Chief Executive Officer Miles Hurrell said.
Global dairy t...