Fonterra cuts milk forecast
– Sees a cash payout of $4.50-$4.55 NZD per KGMS
– Cuts milk price forecast to $4.15
– Prices are unsustainably low globally
– Sees dairy prices improving later this calendar year
This is negative for the kiwi but the market is hesitant to move because the RBNZ is due at the top of the hour. The payout forecast as $5.05-$5.15 in November.
