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