Westpac has lowered its forecast for Fonterra 2015-16 milk payout

Westpac has lowered its forecast for Fonterra 2015-16 milk payout to NZ$ 5.70/kg

• Previously WPAC was at 6.10
• Forecast for 2014/15 to NZ$ 4.70 from $4.90

Cite:

• Better than expected production in New Zealand
• Combined with the lack of new developments one way or another on the demand side
• Means that world prices are likely to remain subdued in the near term