Fonterra announced a cut to their current year milk payout forecast

The earlier headline data is here

More detail:

2014/15 forecast payout cut to $4.40 from $4.50

  • The forecast dividend range is 20-30 cents per share, which would bring the payout up to $4.60 - $4.70 (for a full shared-up farmer).
  • This compares to $8.50 total payout last year

Forecasts 2015/16 milk payout of NZ$5.25/kg

  • Market estimates ranged from a low of $5, but the consensus was at $5.60-$5.70

Comments from Westpac:

  • The market was braced for the possibility of something even weaker
  • Westpac retains forecast for the milk price to end the season at $5,70/kg ... but "the risks lie to the downside"

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You can find even more here

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NZD update: