UPDATE: Fonterra cuts Australian farmgate milk price, offers loan to farmers

Thu, 05 May 2016

(Adds detail on Australian unit throughout) By Tina Morrison May 5 (BusinessDesk) - Fonterra Cooperative Group cut its forecast farmgate milk price to its Australian dairy farmers for the current season, saying it better reflects the oversupply of milk which is weighing on global dairy commodity prices. It also offered those farmers a loan linked to future supply. The dairy processor will pay its Australian farmers A$5 per kilogram of milk solids, down from an earlier forecast of A$5.60/kgMS, the Auckland-based company said in a statem...

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