WELLINGTON, Aug 27 (Reuters) - New Zealand’s Fonterra raised its milk price forecast for the 2013/14 season on Tuesday, citing an ongoing rise in international dairy prices.
The world’s largest dairy exporter raised its forecast Farmgate Milk Price by 30 cents to NZ$7.80 ($6.14) per kilogram of milk solids, which would take its forecast cash payout price to NZ$8.12.
Global dairy prices continue to rise after a global food scare earlier this month, when Fonterra said some of its products could contain a bacteria that can cause botulism.
Its products have been removed from shelves in around nine countries, including China, while other countries have restricted imports. ($1 = 1.2711 New Zealand dollars) (Reporting by Naomi Tajitsu; Editing by Stephen Coates)