Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
However, he "fully respects" the decision made by farmers.
"I was pleased with the support from farmers but not from the milk solids," he told Dairy News online.
Read was voted off by farmers in the co-op's director elections; Te Awamutu farmer and former National Foods chief executive Ashley Waugh is the new board member.
Chairman John Wilson and director Nicola Shadbolt were returned by shareholders.
Waugh joins the board at Fonterra's annual meeting in Waitoa today.
