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January 28 (Reuters) – New Zealand-based Synlait Milk Ltd announced on Monday that it will revise its milk price forecast for the 2018/2019 season down to NZ $ 6.25 (US $ 4.27) kilograms of milk solids (kg DM) due to lower prices for dairy products.
"This (revision) is partly due to global demand that reacts to the very strong New Zealand production in the summer, to expectations of a better production growth in the northern hemisphere," Leon said. Clement, CEO of Synlait, in a statement.
Synlait's previous forecast price of USD 6.75 per kg was announced in September 2018.
$ 1 = $ 1.4626 New Zealand dollar
Report by Aby Jose Koilparambil in Bengaluru; Edited by
Mark Potter
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