Fonterra revised its 2018/19 forecast Farmgate Milk Price
Lingering drought in Australia limits milk production, which was -3.6% in August 2018 y-o-y. Milkfat and protein content are also lower.
Milk Producers, faced with higher prices for feed and less water availability, are reducing the herd sizes by 25% (the typical annual culling involved about 20% of herd sizes).
New Zealan...