What today s dairy auction means for 2021/22 NZ milk price forecast
5 May, 2021 05:35 AM
3 minutes to read
Today s dairy auction has reinforced high milk price forecasts. Photo / Supplied
Dairy prices dipped a little at this morning s dairy auction but they have mostly remained elevated, thereby confirming the high farmgate milk price forecasts, analysts said. Westpac senior agri economist Nathan Penny said the result was consistent with the bank s 2020/21 milk price forecast of $7.90/kg.
Read More Similarly, the result means that global dairy prices remain on the front foot heading into the new dairy season, he said.
After the previous auction late last month, Penny lifted his forecast for the upcoming 2021/22 milk to $8.00/kg.