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.
Last week, owners of a planned greenfield dairy plant in Otorohanga went into voluntary administration after struggling for years to secure capital.
The project rattled farmers in the area, who mostly supply Fonterra. The co-op was bracing to lose suppliers to Happy Valley.
Some Fonterra farmers had made public submissions opposing consent applications lodged by Happy Valley.
