Fonterra Cuts 2026/27 Milk Price Forecast to $9.25
Fonterra has reduced its forecast 2026/27 Farmgate Milk Price.
Fonterra says increases were seen in all major dairy categories, excluding SMP which fell 27%.
The EU’s two largest export categories, fluid and fresh dairy and cheese, both rose 17%. Exports are up 12% (551,000MT) for the 12 months to May vs the same period last year. Export increases are seen in fluid and fresh dairy (+27%), cheese (+12%) and whey powder (+11%).
US dairy exports in June rose 2% (4000MT) vs the same month in the previous year. A fall in the major export categories of SMP, lactose and cheese were offset by rises in whey powder, WMP and WPC/WPI, up a combined 16,000 MT.
Asia (excluding China) dairy import volumes rose 7% (25,000MT) in May vs the same month the previous year. Significant rises in fluid and fresh dairy and whey powder (+26%) and WMP (+20%) were partially offset by falls in SMP, cheese and lactose. Imports for the 12 months to May are up 2% (91,000MT) vs the same period in the previous year.
China dairy imports rose 9% (16,000MT) in July vs the same month last year. Big rises in fluid and fresh dairy and cheese, both up 37%, were partially offset by falls in SMP, whey powder and lactose.
The largest contributions to China’s growth have been fluid and fresh dairy and infant formula.
