12th March 2021 By Staff Reporter | news@foodticker.co.nz | @foodtickernz
Rabobank has lifted its farmgate milk price forecast by 80c to $7.80 kgMS for the current 2020/21 season on the back of surging Chinese import demand.
In its latest Global Dairy Quarterly report Strength ahead of Northern Hemisphere Flush, Rabobank said the high cost of producing milk in China had favoured importing New Zealand dairy products.
This was in addition to importers seeking extra safety stock to help mitigate global shipping disruptions. The increased demand has resulted in dairy commodity prices jumping over 20% in 2021 so far.
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