meta New Zealand’s Fonterra cuts farmgate milk price outlook on volatile market | The Bullvine
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New Zealand’s Fonterra cuts farmgate milk price outlook on volatile market

Thursday, December 7th, 2017

New Zealand’s Fonterra said on Wednesday it reduced its farmgate milk price forecast for the 2017/18 season by NZ$0.35 to NZ$6.40 ($4.42) per kg of milk solids, citing volatility in the global dairy market.

Fonterra also cut its fiscal 2018 earnings forecast to a range of 35 cents to 45 cents per share from an earlier provided range of 45 cents to 55 cents per share.

The company said in a statement that its arbitration with Danone had an impact on its earnings guidance for the season but none on the farmgate milk price. ($1 = 1.4489 New Zealand dollars)

Source: Reuters

(T1, D1)

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