Fonterra lowers forecast for milk price

New Zealand dairy exporter Fonterra has lowered its forecast for the further development of milk price by almost 27 percent. The reason is the global price slump due to an over-supply and a decline in demand.
Fonterra cut the current forecast for the just past business year to NZ$ 3.85 per kg. In may, the value was $ 5.25 / kg in NZ.
Fonterra believes Board Member John Wilson prices while a recovery in the current season, but it will be a difficult year for the farmer.

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