Fonterra significantly cuts forecast milk price

(Image: Getty)

Fri, 04 Aug 2023

Dairy giant Fonterra has significantly cut its forecast farmgate milk price for the current dairy season as global prices continue to tumble.The co-op is now forecasting a payout of between $6.25 and $7.75 per kilogram of milk solids (kgMS), with a midpoint of $7/kgMS. That was compared to the original forecast of between $7.25/KgMS and $8.75/KgMS, with a midpoint of $8/kgMS. The revision, which has seen Fonterra cut its midpoint by more than 12%, comes after the Global Dairy Trade (GDT) auction fell another 4.3% this week.&...

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