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- Release Date: 27/08/13 16:56
- Summary: FORECAST: FCG: REVISED FORECAST FARMGATE MILK PRICE FOR 2014 SEASON
- Price Sensitive: No
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FCG
27/08/2013 14:56
FORECAST
REL: 1456 HRS Fonterra Co-operative Group Limited
FORECAST: FCG: REVISED FORECAST FARMGATE MILK PRICE FOR 2014 SEASON
FONTERRA REVISES FORECAST FARMGATE MILK PRICE FOR 2014 SEASON
Fonterra Co-operative Group Limited today lifted its Forecast Farmgate Milk
Price for the FY14 season by 30 cents to $7.80 per kgMS.
Fonterra is required to consider its Farmgate Milk Price every quarter as a
condition of the Dairy Industry Restructuring Act (DIRA).
The increase - along with a previously announced estimated dividend of 32
cents per share - amounts to a Forecast Cash Payout of $8.12.
Chairman John Wilson said the higher Forecast Farmgate Milk Price reflected
continuing strong international prices for dairy.
"Current market views support commodity prices remaining at historically high
levels longer than previously forecasted.
"The two most recent GDT (GlobalDairyTrade) events have seen prices hold, and
significant volumes sold. These factors have contributed to our updated
forecast," said Mr Wilson.
At this early stage in the season, however, Mr Wilson said there were a
number of uncertainties - and that was why there would be no change to the
current Advance Rate announced in July.
"We will provide an update on business performance when we announce our
Annual Result on 25 September 2013," said Mr Wilson.
End CA:00240246 For:FCG Type:FORECAST Time:2013-08-27 14:56:21
