Fonterra expected to meet its forecast payout as lower production boosts prices

Fonterra expected to meet its forecast payout as lower production boosts prices
Tina Morrison
By Tina Morrison Nov. 4 (BusinessDesk) - Fonterra Cooperative Group, the world's largest dairy exporter, is expected to be able to meet its forecast payout to farmers for this season even after dairy prices fell at a second consecutive auction. Average prices fell 7.4 percent at last night's GlobalDairyTrade auction, following a 3.1 percent decline the previous auction, which snapped four consecutive gains. Auckland-based Fonterra, owned by about 10,500 farmers, has said it expects to pay its local producers $4.60 per kilogram of milk...