Synlait Milk has increased its forecast base milk price by 35 cents per kg of milk solids as the world commodity craze continues.
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The milk company told its shareholders and suppliers late last week after significant increases in all global commodity prices it had increased its milk price to $9.60/kgMS, up from $9.25/kgMS.

Synlait chief executive Grant Watson said that it was important that the company responded to large movements in commodity prices to ensure it delivered a competitive farm-gate price to its farmers.

It comes after Synlait lifted its milk price 16% after strong demand in its first update for the year in January.

Last month, dairy giant Fonterra lifted its forecast farm-gate milk price range from $8.90-$9.50/kgMS to $9.30-$9.90/kgMS.

Most global commodity prices have been pushing higher recently in line with the spike in energy prices as a result of Russia’s invasion of Ukraine.

As well as that, milk prices have been driven higher due to a lack of supply worldwide.

The next Global Dairy Trade auction is on next Wednesday.

State agriculture officials are expected to roll out an income replacement program soon.

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