Fonterra Co-operative Group Ltd today announced a reduction and narrowing of its 2022/23 season forecast Farmgate Milk Price range from $8.50 - $9.50 per kgMS, with a midpoint of $9.00, to NZ$8.20 - $8.80 per kgMS, with a midpoint of $8.50.
At the same time, the company updated its forecast milk collections for the season to 1,465 million kgMS, down from its previous forecast of 1,480 million kgMS.
Fonterra CEO Miles Hurrell commented that the revised forecast reflects softened demand at a time of balanced supply, with potential for increased buying behaviour from China, though the economic growth outlook in many regions remains soft.
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