ANZ raises forecast for Fonterra 2015/16 milk payout to NZ$3.75-$4

ANZ has raised its forecast for the Fonterra 2015/16 milk payout to NZ$3.75-$4 per kg milk solids

ANZ on Fonterra:

• "Fonterra's strategy of changing its product mix and constraining supply sold via GDT seems to have at last found some price traction"

Comes in the wake of a stronger dairy auction result overnight

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We should get more upgrades like this today and in coming days. A bit of better news for the NZD.