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.
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Fonterra says milk collection across New Zealand for the seven months to 31 December reached 881 million kgMS, 5.5% lower than the same period last season.
In its December Global Dairy Update, the co-op says December collections topped 186 million kgMS, 5% behind the same month last season.
North Island milk collection in December was 111 million kgMS, 6% behind December last season. South Island milk collection in December was 75 million kgMS, 3% behind December last season.
Unfavourable weather conditions are blamed for the drop in milk production.
Fonterra’s milk collection across Australia for the six months to 31 December reached 65 million kgMS, 7.6% lower than December last season. In December milk collection was 12 million kgMS, 1% ahead of the same month last season.
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