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Fonterra raises milk-price forecasts after reporting large profit

FXStreet (Mumbai) - Some relief came for New Zealand's embattled dairy industry on Thursday after Fonterra revised its payout forecast for the current season, following the release of company results which showed a large rise in profits just days after announcing further job cuts.

The dairy giant raised its milk-price forecast to $4.60 this season from its previous estimate of $3.85 per kilogram of milk solids. Last season farmers earned $5.25, and in the 2013/14 season earned a record $8.40.

Fonterra's raised milk payout forecast came as the company announced an annual net profit of $506 million for the year ended July 31, up 183% on last year.

Fonterra CEO Theo Spierings noted, the large jump in profit comes despite the dairy industry experiencing "one of the most difficult" seasons for the global dairy market.

NZD/USD supported on Fonterra's announcements - Westpac

Analysts at Westpac Banking Corporation noted that NZD/USD was under pressure in line with AUD in NY but bounced about 40 pips to 0.6280 as Fonterra announced an increase in its farm gate milk price forecast for the 2015/16 season to NZD4.60/kg of milk solids – up from their earlier estimate of NZD3.85.
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NZD/USD: Recovery capped below 0.63 on mixed NZ fundamentals

The NZD/USD pair stalled its recovery near 0.6300 levels and receded slightly in the Asian morning, as the Kiwi remains capped on mixed NZ fundamentals.
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