Fonterra tweaks forecast payouts on stronger kiwi, Chinese demand

Fri, 17 Jul 2020

Fonterra Cooperative Group has trimmed its forecast payout for the season that’s just finished due to the rapid gains in the kiwi dollar and, at the same time, has lifted the outlook for the current year on resurgent Chinese demand. The world’s biggest dairy exporter cut 10 cents from the top of its range for the 2019/20 payout to $7.10-to-$7.20 per kilogram of milk solids, which chair John Monaghan said was down to gains in the local currency over the past two months. The kiwi recently traded at 65.33 US cents, up from 59.31 cents on May 15...

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