Synlait has increased its base milk price forecast for the 2023-24 season from $7.00/kg MS to $7.25/kg MS.
Dairy commodity prices that have recovered after significant declines in August and continued US dollar strength underpin the increase in Synlait’s forecast base milk price.
The company cautioned that it is early in the season and said confidence in the forecast would strengthen as more product was contracted.
In a note to the NZX, Synlait said the revised forecast milk price aims to provide reassurance to Synlait farmer suppliers operating under tough economic market conditions.
It said it will continue to monitor movements and keep its farmer suppliers up to date.
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