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Westpac lift their "2020/21 farmgate....>

NEW ZEALAND
NEW ZEALAND: Westpac lift their "2020/21 farmgate milk price forecast by 20
cents to $6.50/kg. The forecast lift comes as the COVID impact on global dairy
prices has not been as severe as we first feared. Meanwhile, we have finetuned
our 2019/20 forecast to $7.20/kg, up 20 cents from our previous forecast. At
this late juncture, we have adopted the midpoint of Fonterra's forecast range
($7.10 to $7.30/kg) on the basis that since Fonterra's May milk price forecast
update auction prices have held up well."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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