- New Zealand dairy giant Fonterra has announced a milk price forecast of NZ$7 per kg/milk solid for the 2014-15
- Has reduced the forecast for the current 2013-14 season to NZ$8.40/kgMS (from NZ$8.65)
- Confirms forecast dividend at NZ$0.10/share.
Westpac economists say the announcement confirms their view that while dairy incomes should be still relatively high next season, they will be significantly down on current season pricing but on balance, the changes were “probably a touch more positive than the market had been expecting.”
via MNI (but more here at Interest.co.nz: Fonterra reduces milk price forecast for this year; opening forecast for next year of $7)
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The NZD/USD is on its highs for the session around 0.8560/65
