Corrects spelling of 'dairy' in headline
Aug 21 (Reuters) - New Zealand's Fonterra Co-operative Group on Thursday increased its milk price forecast for the 2024/2025 season, banking on stable global dairy prices and solid sales book.
The company increased the midpoint of its annual forecast for farmgate milk price - the price it pays to farmers for milk - to NZ$10.15 per kilogram of milk solids (kgMS) from prior expectations of NZ$10.00 per kgMS.
Fonterra also narrowed the milk price forecast range for the 2025/2026 season to NZ$9.00 to NZ$11.00 per kgMS from an earlier view of NZ$8.00 to NZ$11.00 per kgMS.
"Global dairy trade prices continue to be strong, supporting the NZ$10.00 per kgMS forecast midpoint for the current season," CEO Miles Hurrell said.
(Reporting by John Biju in Bengaluru; Editing by Shreya Biswas)
((John.Biju@thomsonreuters.com [John.Biju@thomsonreuters.com];))
