UPDATE: Fonterra slashes payout, farmers offered $430M cash advance

Fri, 07 Aug 2015

(Adds comments from CEO and chairman, starting in fourth paragraph.) By Fiona Rotherham Aug. 7 (BusinessDesk) - Fonterra Cooperative Group, the world’s largest dairy exporter, has slashed its farmgate milk price for the 2015/16 season by $1.40 to $3.85 per kilogram of milk solids but is supporting cooperative members with an additional 50 cents per shared-up kilogram of milksolids in the form of an interest-free loan. The initiative softens the blow for farmers, who've seen prices tumble from $8.40 pert kg/MS in 2014, but comes at a co...

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