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Fonterra raised the midpoint of its 2026/27 forecast farmgate milk price from NZD 9.50 to NZD 9.75 per kgMS and narrowed the range to NZD 9.00–10.50. The move follows rises of about 5% in whole milk powder and 7% in skim milk powder prices over the last two Global Dairy Trade auctions.
Demand from Southeast Asia, the Middle East, Africa and China is cited as the driver.
Stronger powder demand from Asia and the Middle East supports global milk prices and raises the outlook for New Zealand farmgate returns. Higher milk powder values also support the milk complex more broadly.
uadairy.orgNov 4, 2026After 41 past bullish trade events, Milk (Class III) moved a median -0.1% over 5 sessions (49% higher; middle half -1.3% to +8.1%), and +1.1% over 20.
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.
