August 30, 2018 / 8:47 PM / 2 months ago

NZ's Fonterra cuts 2018/19 forecast farmgate milk price

Aug 31 (Reuters) - New Zealand’s Fonterra Co-operative Group Ltd cut its forecast farmgate milk price for 2018/19 on Friday by 3.6 percent due to increased global supply.

The world’s top dairy exporter trimmed the forecast farmgate price to NZ$6.75 per kilogram of milk solids (kgMS) from NZ$7 per kgMS set earlier.

It cited the effects on global prices stemming from higher milk supply in markets such as Europe, the United States and Argentina as the reason for its move to cut the forecast. (Reporting by Aaron Saldanha in Bengaluru Editing by Gareth Jones)

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