Fonterra Cooperative Group cuts Kiwi milk price amid dairy supply glut

New Zealand dairy giant Fonterra has cut the price it expects to pay its Kiwi farmers for milk for the second time in two months as persistent oversupply of dairy products weighs on commodity prices.
Fonterra, the world’s biggest dairy exporter and the second-biggest dairy processor in Australia, on Thursday cut its 2014-15 farmgate milk price forecast by NZ10¢ to to $NZ4.50 ($4.23) per kilogram of milk solids, the lowest level in eight years.  Sydney Morning Herald – Read more…