In its latest Global Dairy Update, Fonterra maintained its farmgate milk price forecast range of NZ$8.50kgMS – NZ$9.50kgMS and milk collections for the season of 1,480m kgMS, up from total milk collections of 1,478m kgMS in the 2021/22 season.

Fonterra also reported slightly higher milk intake in December, edging up 0.3% YOY to 174mkg of milksolids. Season to date collections are tracking 2.3% behind the season prior comparative. In the North Island, milk collections were down 0.2% YOY, trailing 4.1% behind the previous season. Despite continued wet weather causing disruptions mid-month, pasture cover remains strong for summer.

In the South Island, milk intake rose 1.0% YOY in December with season to date collections 0.8% ahead of the season prior due to warm weather and adequate rain supporting milk production and pasture growth.