World’s Biggest Dairy Exporter Forecasts Record Milk Prices
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Fonterra Cooperative Group, the world’s biggest dairy exporter, forecast a record milk price for the new season amid strong global demand.
Auckland-based Fonterra on Thursday raised the midpoint of its 2022-23 forecast range by 50 NZ cents to NZ$9.50 ($6) a kilogram of milksolids, which would be the highest price it has ever paid to its 10,000 New Zealand farmer shareholders. It also issued earnings guidance of 30-45 NZ cents per share for FY23, up from 25-35 cents for the current year ending July 31.