Rabobank's latest Dairy Seasonal Outlook forecasts a farmgate milk price of $9 per kilogram of milk solids for the 2022 to 2023 dairy season.
But it says farmers need to control costs and manage their risks, thanks to an uncertain outlook.
Senior agricultural analyst Emma Higgins says ongoing lockdowns in China, where about 45 percent of our dairy exports go, have weakened demand.
Higgins says the war in Ukraine is also putting pressure on input costs.
She says there's been a broad-based upswing in commodity prices affecting fertiliser, fuel and feed.
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