Fonterra has cut its 2022/23 season forecast to a range of $8.00 to $8.60 per kg of milk solids reducing the midpoint of the range by 20 cents from $8.50 to $8.30 per kg. Chief executive Miles Hurrell says the change reflects short-term demand for products that results in the milk price being softer than expected. Miles Hurrell says demand from China for whole milk powder has not yet returned to expected levels and Northern Hemisphere milk production is increasing as they head into their spring flush. Fonterra has adjusted its advance rate schedule to get cash to its farmers earlier. The co-op has increased the March and April payment and plans to hold payments at that level until June.
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