Ongoing strengthening in global commodities prices to thank.
Synlait has increased its forecast base milk price by 50 cents to $10/kg MS for the 2024-2025 season.
The move matches Fonterra’s lifting of its forecast to a record midpoint forecast of $10/kg MS.
In a statement on NZX, Synlait said: “The increase follows ongoing strengthening in global commodities prices, since Synlait’s last milk price update on 25 November 2024.
The lift in forecast from both companies comes after prices continued to rise in recent GDT auctions. The latest auction, on December 4, saw a 1.2% increase across all products.
It followed a 1.9% lift at the previous auction and a 4.8% jump on November 5.
Whole milk powder jumped a solid 4.1% lift to an average of US$3984/MT, continuing the product’s upward trajectory, rising 3.2% at the previous auction, and 4.4% before that.
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