Thursday, July 7, 2022

My Daily Digest: October 15, 2020

Dairy forecast raised as China demand returns This farming season’s looking a bit brighter already with Fonterra giving its forecast milk price a 40c boost this morning.

The midpoint of its forecast is now $6.80, which is great considering how volatile the year has been.

China’s appetite for our milk products has returned with gusto and Rabobank is now predicting the rest of South East Asia will be lucrative markets for NZ exporters in the longer term.

But it would pay to set budgets carefully. We’re seeing covid-19 flare up again in Europe while in the United States it never left. If China gets a second wave, things could change very quickly.

Exchange rates are also fluctuating, complicating matters further.

Still, given how the world looked in March, things are a lot more positive for our food producers.

Bryan Gibson

 

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