News: FSF Fonterra advises changes to farmgate milk price manual for 2016/17 season

Aug 1 (Reuters) - Fonterr

• Fonterra advises changes to farmgate milk price manual
• Has filed with Commerce commission annual "reasons" paper in support of changes to its fonterra's milk price manual for the 2016/17 season
• To include revenue from spot sales of commodity whole and skim milk powders and anhydrous milk fat in farmgate milk price calculation
• Constitution requires co-operative to pay maximum sustainable farmgate milk price each season based on sale of commodity products in freely contested global markets
• "Estimated impact of change on farmgate milk price for 2016/17 season amounts to increase of four to five cents per kgms"
• Change does not alter the forecast earnings per share range for F17
• Says changes will be incorporated into the 2016/2017 season milk price
• Changes to milk price manual for 2016/17 season also include responses to matters raised by Commerce commission following review of 2015/16 manual