The largest biggest dairy processors in the world, Fonterra raised its forecast for its milk price paid to farmers amid thin supplies. New Zealand-based Fonterra, raised by NZ$0.50 to NZ$7.50 per kilogramme of milk solids its forecast for its milk price in 2013-14, taking it NZ$0.10 from the record high set three years before. Fonterra has forecast a dividend of NZ$0.32 on top, taking the total forecast payout to its members to NZ$7.82 per kilogramme of milk solids, a jump of 28% year on year.
However, supply constraints in Europe, a major exporter, and China, the top dairy importing country during the northern hemisphere spring has contributed to an increase in dairy prices of 3% over the past two months.
Dairy supplies have been run down by strong export demand during a 2012-13 season of poor production, which fell by 3.0% in Australia and by 1.6% in New Zealand. However, going ahead in the second half of the year, milk production will be picking up in New Zealand and the EU, and that is likely to bring a global price decline in most dairy products as early as November or December.
However, supply constraints in Europe, a major exporter, and China, the top dairy importing country during the northern hemisphere spring has contributed to an increase in dairy prices of 3% over the past two months.
Dairy supplies have been run down by strong export demand during a 2012-13 season of poor production, which fell by 3.0% in Australia and by 1.6% in New Zealand. However, going ahead in the second half of the year, milk production will be picking up in New Zealand and the EU, and that is likely to bring a global price decline in most dairy products as early as November or December.
Source by Commodity Insights
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