Fonterra raises its farmgate milk price forecast

Fonterra, New Zealand’s dairy giant, made an announcement earlier on the day, stating that it has raised its farmgate milk price forecast to NZ$6.75/kgms, Reuters reports.

Key Details:

Up 2c from May’s forecast

Fonterra also announced a forecast earnings per share range of 45 to 55 cents (this would make the forecast total available payout to farmers in the 2017/2018 season $7.20 to $7.30, before retentions)

It sees on ongoing rebalancing of global supply and demand