Comments from dairy giant Fonterra's CEO Spierings a few hours ago,
Just doing a bit of a catch up
- Fonterra is maintaining its farmer payout forecast at NZ$4.60 ($2.94) a kilogram of milksolids
- Says that shoulld prices in the GlobalDairyTrade index extend losses, the company may reduce the volume it offers at the auctions
"GDT is just a sales channel," Spierings said. "Rather than amending that forecast, we'd better take actions as management, as we're paid to do, to shift volumes to another channel and create supply-demand tension in GDT."
-
Fonterra news has a big bearing on the NZD, at least as far as an announcement effect. The article goes into more on the demand-side reductions that are impacting also.
