December 6, 2017 / 9:27 AM / 10 days ago

New Zealand's Fonterra cuts farmgate milk price outlook on volatile market

Dec 6 (Reuters) - New Zealand’s Fonterra said on Wednesday it reduced its farmgate milk price forecast for the 2017/18 season by NZ$0.35 to NZ$6.40 ($4.42) per kg of milk solids, citing volatility in the global dairy market.

Fonterra also cut its fiscal 2018 earnings forecast to a range of 35 cents to 45 cents per share from an earlier provided range of 45 cents to 55 cents per share.

The company said in a statement that its arbitration with Danone had an impact on its earnings guidance for the season but none on the farmgate milk price. ($1 = 1.4489 New Zealand dollars) (Reporting By Rushil Dutta in Bengaluru; Editing by Christian Schmollinger)

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