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Global Dairy Trade auction prices rose for a seventh consecutive time, and a further bank economist raised the farm-gate milk price forecast to NZ$6.40/kg milksolids. Westpac raised its next-season forecast to $7.
Fonterra cut its milk production forecast from 3% growth to 2% after dry weather affected milk flow.
A sustained GDT rally and cut to New Zealand milk output forecasts support higher global dairy prices. Dry weather that trims supply is a key factor in the price outlook.
farmersweekly.co.nzHugh StringlemanMar 7, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
