Fonterra again lowers Ab-Hoftor milk price

The Fonterra Group announced this morning that it needs to lower its price expectations for milk deliveries for the 2018/19 season due to higher global raw milk deliveries.
The world's largest milk exporter lowers its forecast for the Farmgate milk price - ie the price from farm gate - to 6.25 to 6.5 NZ $ per kgMS of 6.75 NZ $ per kgMS.
The raw milk supply is currently greater than the demand for dairy products, so the CEO Miles Hurrell as justification.
This is the third price cut in five months and global Dairy prices fell in four out of five trading sessions. Production in Europe, the USA and Argentina has been high so far this year.

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