Bridgecape Commodities managing director Scott Briggs discusses milk prices in 2024. Video by Andrew Miller.
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00:00 Opening of the milk season is not far off now, another month and a half.
00:04 Where do you think prices will open at and why?
00:07 Yeah look that's the million dollar question isn't it? You know there's a wide range of
00:12 opinions out there at the moment and I guess the next six weeks will really sort of play it out but
00:17 we've got a situation where global markets if you look at New Zealand milk price futures for next
00:22 year they're anywhere between sort of $7.50 and $7.75 Aussie dollars a kilo. You know so that's
00:27 a global commodity price or linked milk price. When you look at where some of the numbers that
00:34 people are talking some people are talking up towards $8.25 and $8.50 based on the fact that
00:39 we do have to import a decent amount of milk and milk solids as well. So you know that's kind of a
00:45 range if you like for this point in time. The big question is whether come June 1 and on our way
00:52 through to June 30 whether there's a significant amount of competition for milk like there was
00:57 this time last year or whether maybe with the additional milk production that we've got and
01:02 and I guess slow domestic demand whether some processors are looking at recruiting a little
01:07 bit less milk.