Bank of New Zealand has increased its milk forecast for 2020-21

  • to NZD 7.40/kg ms (previous $7)

Analyst cite higher GDT prices:

  • up around 13% y/y
  • at their highest since 2014

And:

  • China demand
  • drier weather conditions in NZ

Risks to the forecast include:

  • increased northern hemisphere milk production
  • coronavirus risks

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BNZ info via Bloomberg