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
