Fonterra slashes 2015 milk payout forecast to $6/kgMS; kiwi dollar falls

Tue, 29 Jul 2014

By Jonathan Underhill July 29 (BusinessDesk) - Fonterra Cooperative Group cut its forecast 2015 milk price payout by 14 percent, citing a decline in global dairy prices in the face of strong global production, a build-up of inventory in China and falling demand in emerging markets. The kiwi dollar dropped to the lowest in almost seven weeks. The Farmgate Milk Price forecast for the 2014/2015 year was reduced to $6 a kilogram of milk solids from a previous forecast of $7 kgMS. At the same time the company forecast a dividend of 20 cents t...

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