Dec 5 (Reuters) - Dairy behemoth Fonterra Co-Operative Group Ltd FCG.NZ on Thursday raised its forecast milk payment to farmers for the 2019-2020 season due to recovering global dairy prices.
The company upgraded its forecast farmgate milk price range to between NZ$7.00 and NZ$7.60 per kilogram of milk solids (kgMS) from a earlier outlook of between NZ$6.55 and NZ$7.55 kgMS. higher price reflects a global dairy market that is tipped slightly in favour of demand," Fonterra Chairman John Monaghan said.