UPDATE: Fonterra's 2017 opening forecast below expectations; kiwi falls

Wed, 25 May 2016

(Adds New Zealand dollar reaction, economist comment.) By Paul McBeth and Tina Morrison May 26 (BusinessDesk) - Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. The Auckland-based company said it expects to pay its farmer suppliers $4.25 per kilogram of milk solids for the 2016/17 season, ahead of the $3.90/kgMS payment for the 2015/16 season. T...

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