New Zealand's Synlait Milk hikes 2024/25 milk price forecast

Synlait Milk

24/11/2024 19:57

Nov 25 (Reuters) - New Zealand's Synlait Milk  SML.NZ 
raised its base milk price forecast for the 2024/25 season on
Monday, as global commodities prices continue to strengthen.
    The company said it now expects the base milk price for the
2024/25 season to be NZ$9.50 ($5.55) per kg of milk solids
(kgMS), up from its previous projection of NZ$9.00 per kgMS.
    The base milk price is what a dairy company pays to farmers
for milk.
    Synlait previously hiked its base milk price forecast in
October, while peer Fonterra  FCG.NZ  raised its forecast
earlier this month, amid rising global dairy prices.
($1 = 1.7123 New Zealand dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru;
Editing by Helen Popper)
 ((Aaditya.GovindRao@thomsonreuters.com;))