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New Zealand’s dairy giant, Fonterra, in a statement to NZ stock exchange, forecasted the 2018-19 milk price at NZD 6.30-6.40 per kg of milk solids versus the prior forecast was NZD 6.30-6.60.

Further Details:

Forecast financial year 2019 earnings per share to 10-15 cents vs. 15-25 cents previously.

The company cited the following reasons for the downward revision:

Recovery in key markets slower than expected.

Tightening price relativities between non-reference and reference products.

On-going challenges in Australia.