More Good News from the rural sector, Fonterra's now signalling a record milk price on top of a record milk price.
It's hiked its forecast for the season that started this month by 50c and is currently indicating a farmgate milk price of $9.50 per kilogram of milk solids.
It is interesting to note that the $9.50 price is the 'midpoint' of Fonterra's new, forecast of between $8.75 and $10.25 for the 2022-23 season. Increasing the initial forecast of $8.25 to $9.75.
The final price for the season that finished in May has not been settled yet, but is likely to be around $9.30, which is the 'midpoint' price of Fonterra's most recent indications. Wherever it ends up it will be a record since the 2013-14 season.
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