Synlait Milk has lifted its milk price forecast for the new dairy season, bringing it in line with Fonterra's.
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The milk processor hiked its expected payout for the 2022/2023 season by 50 cents, taking it to $9.50 per kilogram of milk solids (kgMS).
The upgraded price would be a record for the company and mirrors the mid-point of Fonterra's current forecast.
Synlait chief executive Grant Watson said it expected payout for the upcoming season was "balanced".
"The forecasted lift in milk price reflects an improved outlook for 2022/23 dairy commodity prices, following the recent recovery in pricing, and the current strength of the US dollar.
"Over the next two days we'll be meeting with our farmers at annual events in the Waikato and Canterbury and it will be great to share this news with them."
There was no change to its forecast milk price for the 2021/2022 dairy season, which remains at $9.30 per kgMS.