Sunday, August 14, 2022

Synlait forecasts $9 payout for new milking season

Synlait has matched Fonterra’s opening forecast for the 2022-23 season, announcing it will pay its farmers $9/kg milksolids.

The company also updated its forecast for the current season, decreasing the amount by 30 cents to $9.30/kg MS.

Last week, Fonterra announced its opening forecast of $8.25-$9.75/kg MS with a mid-point range of $9/kg MS for the new milking season.

Synlait chief executive Grant Watson said that some of the shine has come off the 2021-22 season as dairy commodity prices have fallen over the past two months, but it will still be the highest milk price Synlait has ever paid.

“The 2022-23 season is starting in a good position with some product already sold at historically high prices,and foreign exchange movements supporting a strong milk price. 

“Despite these two factors, the 2022-23 season’s final milk price will still depend on an ever-evolving global situation.” 

He said the forecasts are based on the best information available at the time and the company will continue to monitor movements and keep its farmer suppliers up to date.

Synlait’s final milk price for the 2021-22 season will be confirmed when the company’s full year result is released in September. 

The 2022-23 season forecast will be updated at the same time.

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