Fonterra cuts forecast 2013 payment to farmers by 30 cents, citing strong kiwi

Fonterra cuts forecast 2013 payment to farmers by 30 cents, citing strong kiwi
By Jonathan Underhill Aug. 28 (BusinessDesk) - Fonterra Cooperative Group, the world’s largest dairy products exporter, cut its forecast 2013 payment to farmers by 30 cents citing the continued impact of a high New Zealand dollar and commodity prices that are lower than they were a year ago. The Auckland-based company lowered its forecast for the Farmgate Milk price component to $5.25 per kilogram of milksolids from $5.50/kgms and reduced its forecast for the net profit component to a range of 40-to-50 cents, from 45-to-55 cents per share. T...