Fonterra pumps up milk price

FONTERRA Australia has announced a milk price increase on the back of improved trading conditions in the dairy industry.

The company this morning posted an increase of 16 cents per kilogram of butterfat and 40 cents per kilogram of protein for Victorian and Tasmanian suppliers.

It brings Fonterra's average farmgate price to $6.36 per kilogram of milk solids.

The company has raised its end-of-year forecast to an average closing price in range of $6.60 to $6.80 per kilogram milk solids.

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