Forecasts and Outcomes
Doug Steel -
Fonterra put a wide, but realistic, range on its opening 2024/25 milk price forecast. The $8.00 midpoint came along with a range of $7.25 to $8.75 attached.
The new season midpoint forecast is higher than the current $7.80 forecast for the 2023/24 season. But it is lower than some might have expected. The SGX-NZX futures pricing for the 2024/25 season has been hovering around the $8.50 mark recently. That said, the latter is market pricing for the actual outcome not a forecast of Fonterra’s forecast.