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Fonterra cut its 2018/19 farmgate milk price forecast to NZ$6.00-6.30 per kgMS from NZ$6.25-6.50 because global milk supply remains strong relative to demand. The co-op is also weighing a sale of its Tip Top ice cream business as it works to reduce debt, and it warned of a possible abnormal El Niño this summer.
Persistent global milk oversupply keeps dairy product prices soft, while a possible El Niño could hit New Zealand output later in the season.
dairyreporter.comJim CornallDec 6, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
