Synlait cuts 10c off forecast milk price in weaker market

Synlait cuts 10c off forecast milk price in weaker market
Synlait is already dealing with reduced demand from key customer A2 Milk. (Image: Synlait)
Dileepa Fonseka
Synlait has cut its forecast base milk price from $8.30 per kilogram of milk solids to $8.20 and the company is blaming weaker than expected commodity prices for the move.In a statement to the New Zealand stock exchange (NZX) on Wednesday morning, the Canterbury-headquartered milk company said there had been a stronger than forecast drop-off in commodity prices towards the end of the season.There were other factors in the reduced forecast: the cost of imported lactose was still high and global demand had slowed while the production of milk had...

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