Fonterra has lifted its forecast milk payment to farmers for this season to a new record level, which it expects will contribute $13.8 billion to the economy. The co-operative on Tuesday lifted its forecast for the 2021/22 season a third time, and is now expecting to pay its farmer suppliers between $8.90 and $9.50 per kilogram of milk solids. That’s up from its forecast in early December of between $8.40 and $9 per kgMS. The midpoint of the range, which farmers are paid off, increased to $9.20 per kgMS from $8.70 per kgMS, which would be the highest level since Fonterra was formed in 2001. The co-operative paid ... (full story)