Fonterra Co-Operative Group (NZX:FCG) has revised its FY24 forecast farmgate milk price.

The company has reduced its 2023/24 season forecast farmgate milk price range to NZ$6.25 - NZ$7.75 per kgms.

Fonterra’s revised forecast farmgate milk price range reflects ongoing reduced import demand for whole milk powder from Great China.

The medium to long term outlook for dairy, in particular New Zealand dairy, looks positive with milk production from key exporting regions.

Fonterra Co-Operative Group (NZX:FCG) is a multinational dairy company that collects, manufactures, and sells milk and milk-derived products.