NZD bullish: BNZ ups Fonterra’s milk payment forecast
|The Bank of New Zealand (BNZ), in its latest report, raised the milk payment forecast for Fonterra to NZD 7.50 / kgms, in the wake of improving prices at the fortnight dairy auctions conducted by Fonterra.
Further Details:
“The NZ milk price outlook continues to improve.
Dairy prices have been firm in 2019 and have pushed higher over recent auctions.
GDT prices are heading toward the top of a trading range that has held them since 2014 and are now a chunky 26.4% higher than a year earlier.
Overall, dairy market fundamentals continue to look healthy. Indeed, we would be forecasting a higher milk price if it were not for still elevated - if down from its peak - global economic uncertainty.”
Despite the NZD-positive headline, the Kiwi fails to benefit and trade in the red around 0.6420 amid US-China trade and political tensions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.