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NZ's Fonterra raises 2014 milk price forecast
August 27, 2013 / 3:23 AM / 4 years ago

NZ's Fonterra raises 2014 milk price forecast

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)

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