Fonterra slashes forecast milk price to $3.85/kgMS

Fri, 07 Aug 2015

By Fiona Rotherham Aug. 7 (BusinessDesk) - Fonterra Cooperative Group, the world’s largest dairy exporter, has slashed its farmgate milk price for the 2015/2016 season by $1.40 to $3.85 per kilogram of milk solids after being surprised by the persistent global imbalance between demand and supply. Following a board meeting today, the Auckland-based company's chairman John Wilson said current prices are "unsustainably low and we are seeing them beginning to impact production levels," and should recover over the course of the season. "Howev...

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