Dairy giant Fonterra has increased its forecast farm gate milk price for 2016/17 by NZ50 cents to NZ$4.75 ($A4.56) per kilogram of milk solids.
Current global milk prices remain at unrealistically low levels, but have started to improve as global demand and supply continue to rebalance, chairman John Wilson says
Fonterra, which processes more than a sixth of Australia's annual milk production, shocked Australian dairy farmers when it slashed farmgate milk price by more than 10 per cent in May, following the lead from local rival Murray Goulburn.
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