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Milk Price Forecast Down for 2019-20 Season

20 June 2019

NEW ZEALAND - Market analyst company NZX has revised its milk price forecast down for the 2019-20 season, after this week's drop in global dairy commodity prices.

Global dairy commodity prices fell for the third consecutive time in the latest Global Dairy Trade (GDT) event on 18 June.

Average prices were US$3,208/t, with the GDT price index down 3.8 percent.

NZX dairy analyst Robert Gibson said the milk price forecast for the 2019-20 season had eased to $6.76kg of milksolids (MS).

"This follows a decline in dairy commodity prices across the board at the June 18 Global Dairy Trade (GDT) event and a slightly weaker outlook for commodity prices for the rest of the 2019-20 season," he said.

However, he pointed out that it was still very early in the season.

"Forecasts at this point of the season are largely based on the outlook for commodity prices rather than actual commodity pricing," said Mr Gibson.

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Source: Newshub

TheCattleSite News Desk

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