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BRIEF-Fonterra increases 2016/17 forecast farmgate milk price by 50 cents

Published 25/08/2016, 06:40 am
© Reuters.  BRIEF-Fonterra increases 2016/17 forecast farmgate milk price by 50 cents

Aug 25 (Reuters) - Fonterra Co-Operative Group Ltd FCG.NZ :

* Fonterra increases 2016/17 forecast farmgate milk price

* Today increased its 2016/17 forecast farmgate milk price by 50 cents to $4.75 per kgms

* Says "expect the dairy market to be volatile over the coming months"

* Milk production in the EU is now in decline

* "Total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions"

* New Zealand milk collection at this early stage is around 4 percent lower for the year to date

* Current global milk prices remain at unrealistically low levels

* Current global milk prices started to improve as global demand and supply continue to rebalance

* All figures in NZ$

* Source text for Eikon ID:nNZS85wa

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