You are not permitted to download, save or email this image. Visit image gallery to purchase the image.
Synlait Milk has increased its forecast base milk price by 35 cents per kg of milk solids as the world commodity craze continues.
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 GlobalDairyTrade auction is on next Wednesday.