Fonterra provides 2022/23 Farmgate Milk Price update

26 August 2022 Fonterra provides Milk Price update o 2022/23 forecast Farmgate Milk Price range revised from NZ$8.75-$10.25 per kgMS to NZ$8.50-$10.00 Fonterra today revised its 2022/23 forecast Farmgate Milk Price range from NZ$8.75-$10.25 per kgMS to NZ$8.50-$10.00 per kgMS. This reduces the midpoint of the range from NZ$9.50 to NZ$9.25 per kgMS, however the current advance payment rate of NZ$5.70 per kgMS is unchanged. Fonterra Chief Executive Miles Hurrell says "the change in the 2022/23 forecast Farmgate Milk Price will be disappointing for our farmers but it reflects a number of factors, including the recent downward trend in global dairy prices driven by some short-term softening in global demand, and the general impact of inflation on purchasing behaviour. However, we believe the longer-term outlook for dairy remains positive," says Mr Hurrell. Fonterra will release its financial results for the year ending 31 July 2022 on Thursday, 22 September 2022. -ENDS- For further information contact: Fonterra Communications 24-hour media line Phone: +64 21 507 072 End CA:00397682 For:FCG Type:MKTUPDTE Time:2022-08-26 08:31:04