ANZ Bank's NZ Forecast Update: farmgate milk price forecasts revised down

Analysts at ANZ Bank have revised their farmgate milk price forecast for the 2021-22 season down 40c to $9.30/kg milksolid (MS). This is the bottom end of Fonterra’s current forecast range of $9.30-$9.90/kg MS.

''Our forecast for the 2022-23 season has dropped 80c to $8.50/kg MS as commodity prices are anticipated to keep falling in the coming months.''

''The NZD is assumed to appreciate steadily across our forecast period to reach USD0.69 by the end of the 2022 calendar year.''