From earlier, per RTRS: "New Zealand....>

NEW ZEALAND: From earlier, per RTRS: "New Zealand dairy giant Fonterra raised

the lower end of its farmgate milk price forecast range on Friday for the

upcoming season as demand picks up in China, its top market. Fonterra narrowed

the range to NZ$5.90 to NZ$6.90 per kg of milk solids (kgMS) for the 2020/21

season from the previous range of NZ$5.40 to NZ$6.90. "After an initial shock

due to COVID-19, dairy consumption in China is recovering with more people

spending on food," Fonterra Chairman John Monaghan said in a statement. He added

that while there was still a high level of uncertainty in global markets, the

declining level of risk supported its decision to lift the lower end of the

price range. Fonterra also narrowed the price range for the 2019/2020 season to

NZ$7.10 to NZ$7.20 per kgMS from NZ$7.10 to NZ$7.30. A second wave of infections

could hit demand, however, Monaghan warned. The first wave and subsequent global

lockdowns forced the dairy exporter to slash the price it pays farmers for dairy

in May. Support measures for farmers in the United States and European Union

that have helped support prices during the demand hit will likely continue

through the peak of the New Zealand season, Monaghan said."