NZD traders - Fonterra has cut its 2017/2018 farm gate milk price

As if the New Zealand dollar needs another negative - the dairy giant cuts :

• Fonterra has cut its 2017/2018 farm gate milk price to NZD 6.70/kg
• Says FY earnings may be less than 25 - 30 NZ cents per share
• Says unlikely to pay a final dividend
• Says high milk price outs pressure on earnings, says also margins less than forecast

Headlines via Bloomberg

We knew something was afoot with the firm, this from yesterday:

• NZD extending its post RBNZ drop a little more (spilt milk?)

The alert yesterday, along with the smashing the NZD has taken already (on the RBNZ yesterday, more here: ForexLive Asia FX news wrap: NZD lower on a dovish hold from the RBNZ) is blunting the NZD impact of this.