Westland cuts forecast payout on falling global dairy prices, strong kiwi

Westland cuts forecast payout on falling global dairy prices, strong kiwi
By Paul McBeth Aug. 28 (BusinessDesk) - Westland Milk Products, the Hokitika-based dairy cooperative, has overtaken rival Fonterra Cooperative Group in cutting its forecast payout to farmers, citing falling global dairy prices and the persistent strength in the kiwi dollar. The cooperative revised its payout forecast to between $5.40 and $5.80 per kilogram of milk solids before retentions in the 2014/15 season, down from between the $6 and $6.40/kgMS forecast in July. Chief executive Rod Quin pointed to the 12 percent drop in skim milk po...