Fonterra has upgraded its milk price forecast and raised their full-year earnings forecast following an 85 percent lift in their first-quarter profit.

The forecast farmgate milk price midpoint for the 2023/24 season is up 25 cents to $7.50 per kgMS, and the forecast range has moved to $7.00-$8.00 per kgMS.

The Country's Jamie Mackay says these predictions were boosted by a strong GDT result.

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