Fonterra has again revised its average farm gate milk price, inching its way towards the coveted $7/kg milk solids mark.
On June 25, Fonterra Australia increased its milk price for the 2021-22 season to $6.95/kg MS — a 10 cent rise on the processor's previous revision.
Fonterra Australia managing director Rene Dedoncker said the price rise takes the company to the “top end of the forecast range” Fonterra provided when it opened on May 10.
Mr Dedoncker said the price “reflects our commitment to supporting our farmers and paying a competitive milk price”.
Since the opening milk prices were released on June 1, dairy processors have been steadily competing their way up to an across-the-board $7/kg MS milk price.