WELLINGTON, Nov 29 (Reuters) - New Zealand’s Synlait Milk said on Tuesday it has increased its forecast milk price by 20 percent to NZ$6.00 per kilogram of milk solids (kgMS) for the 2016/17 season.
“We’ve kept a close eye on the global dairy market and the trending increase in dairy prices can’t be ignored,” said Graeme Milne, Chairman.
Global dairy prices have risen more than 50 percent since July. Dairy co-operative Fonterra earlier this month lifted its forecast farmgate milk payout to NZ$6 kgMS. (Reporting by Swati Pandey; Editing by Richard Pullin)