Milk Price NZ Forecast 2023
The milk price NZ forecast to range from $6.00 to $7.50 per kilogram of milk solids (kgMS) in the 2023/2024 season, according to Fonterra. This is a decrease from the previous season’s forecast of $7.25 to $8.75 per kgMS.
The decline is due to a number of factors, including:
A slowdown in global economic growth, is leading to lower demand for dairy products.
Increased production of milk in other countries, such as the European Union and the United States.
A decline in the value of the New Zealand dollar, makes New Zealand dairy products more expensive for overseas buyers.
Despite the decline in the forecast, the milk price in New Zealand is still expected to be one of the highest in the world. This is due to the country’s high quality milk production standards and its efficient dairy industry.
Why Milk Price NZ Forecast is Important
The milk price is important for New Zealand’s economy, as it is a major export earner. The dairy industry accounts for around 20% of New Zealand’s exports.
The milk price forecast is subject to change, and it will depend on a number of factors, including global economic conditions and the weather. However, the current forecast suggests that the milk price in New Zealand is likely to remain strong in the 2023/2024 season.