ANZ cuts 2014/15 Fonterra payout forecast to $4.35/kgMS

Tue, 20 Jan 2015

By Pattrick Smellie Jan. 20 (BusinessDesk) - ANZ Bank New Zealand has further cut its forecast payout to Fonterra Cooperative Group's shareholder farmers in the 2014/15 season to $4.35 per kilogram of milksolids, adding almost a billion dollars more to the hit it expects falling dairy commodity prices to have on the New Zealand economy, although it still anticipates a price recovery late in the 2015/16 season. The bank, which today became the first announce measures for drought-stricken farmers, had previously been forecasting $4.75/kgMS,...

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