Fonterra Co-operative Group Ltd has revised its forecast Farmgate Milk Price for the 2022/23 season, reducing it from $8.50 - $9.50 per kgMS to NZ$8.20 - $8.80 per kgMS.
The Co-op has also updated its forecast milk collections for the season to 1,465 million kgMS, down from 1,480 million kgMS.
CEO Miles Hurrell attributes the changes to softened demand and cyclone Gabrielle, while remaining optimistic about the medium to long term outlook.
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