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Fonterra announced the reduction of payments for milk
The new Zealand exporter of dairy company Fonterra has lowered its forecast payout for the milk to a six-year minimum.
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The new Zealand exporter of dairy company Fonterra has lowered its forecast payout for the milk to a six-year low, as the world milk prices fall. The company also said that the Russian ban on imports of dairy products will keep world prices volatile in the coming months.

As expected by economists, the company lowered the price, which pays its farmers to shareholders for the milk to 5.30 NZ$ (4.26 deaths$) per kg of dry residue from the previous forecast 6,00 NZ$.

Russia's ban, introduced in response to international sanctions because of the conflict in Ukraine, increases the offer, because European countries refuse to sell one of the largest importers of cheese in the world.

The lowered forecast of payments reflects a 44%drop in world prices for milk this year due to the great suggestions and accumulated reserves in China and is a sharp decline in the level of payments from the record high of 8.40 NZ$ during the year that ended in July.

The forecast payout was based on the expectation of a recovery in world prices for milk powder and 3 500$ per kg with 2 700$ at the moment, but some economists believe these expectations are too optimistic.

Prices for dairy products have not yet established after the introduction of Russia's ban on imports in the last month, so analysts are convinced that there is still some risk reduction.

 

 



Translated by the service Yandeks.perevod"
Источники: Agro2b
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