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In their latest outlook report, the BNZ analysts upped their 2018/19 milk price forecast to $6.50 versus $6.25 previous forecast.

Key Details:

Dairy price rise continues on tightening global supply and robust demand.

We lower our NZ milk production expectations.

2019/20 up to $6.70, as world economic risks recede from highs.

 Positive for NZ terms of trade, incomes; not so GDP.

We continue to monitor many global risks.

On Tuesday, “the latest bi-weekly GDT auction yielded a 1.9% increase in the GDT price index to beat the market expectation of 0.1% and provided additional support to the NZD,” FXStreet’s Analyst Eren Sengezer noted.