After announced opening offers for 2023/24 prior to deadline on 1 June, some dairy processors have lifted their offers with Australian Dairy Farmers Cooperative lifting its average farmgate price to $9.40kgMS, averaging $9kgMS for July to December 2023 and increasing it to $9.80kgMS for January to June 2024. Bega Group have also lifted its price for suppliers on one-year contracts from an average of $9.00kgMS for South Australian and Victorian suppliers while its farmgate price lifted to $10.00kgMS for Bega Valley milk suppliers.

Lactalis reviewed its offer to suppliers in Victoria and Tasmania, lifting the weighted average price for flat milk to $9.30kgMS and for seasonal milk to $9.10kgMS.    

At the time of writing the weighted average southern farmgate milk price for the 2023/24 season is estimated at $9.15kgMS, this compares with $8.96kgMS at this time last year. Prices continued to move higher through June 2022 due to the intense competition for milk and finished close to $9.60kgMS on average. Hence to date, weighted average southern prices are only 4.7% down on the prior year. For more information on indicative milk pricing by region, head to the Milk Value Portal.