Farmer shareholders in New Zealand NZ$5.30 (US$4.26) per kg of raw milk solids from a previous forecast of NZ$6.00 by Fonterra after milk powder inventory in China rose and Russia's agricultural sanction pushed up global supply.
WELLINGTON: New Zealand dairy exporter Fonterra slashed its milk purchase price to a six-year low on Wednesday due to an ongoing fall in global dairy prices, dealing a blow to farmers and the economy of the world's largest dairy exporting nation.
The co-operative cut the price it pays its farmer shareholders for raw milk to NZ$5.30 (US$4.26) per kg of milk solids from a previous forecast of NZ$6.00, as expected by many economists.
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