Fonterra New Zealand has lifted its forecast farmgate milk price range by NZ30c to NZ$7.30kgMS—NZ$8.30kgMS, bringing  the midpoint to NZ$7.80kgMS following five strong GDT events. Fonterra’s forecast earning guidance for FY24 of NZ50c—NZ65c remains unchanged.

CEO Miles Hurrell said a lift in demand for products sold on the GDT platform was reflected in GDT prices which are up 10% since Fonterra’s December farmgate milk price update.

Fonterra will continue to monitor potential impacts of geopolitical instability and supply chain disruption on demand from key importing regions.