Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
Judging by the performance of Fonterra's share price on the New Zealand Stock Exchange, farmers are still offloading their shares for fear of the prices crashing under a farmers-only trading market.
Since the revised preferred option was unveiled on July 19, the share price has dropped 40c to $3/share.
The share price touched an all-time low of $2.88 six weeks ago and was heading into the same territory last week.
