New Zealand farmgate milk prices are heading toward a record high, NZ Herald reports, if latest Global Dairy Trade auctions are anything to go by. ASB Bank, which lifted its 2021/22 season forecast by 55c to $8.75 per kg, said the chances of a record milk price were “very much alive”. The previous record was $8.40/kg set in the 2013/14 season. The bank sounded a note of caution, noting commodity markets have been particularly volatile over 2021. Westpac senior agri economist Nathan Penny said ongoing weakness in global dairy production would continue to underpin global dairy prices.