Larry Williams Drive

Farmers were trudging around a little deeper in the mud today after a fall in Fonterra's expected payout to dairy farmers. Fonterra has drastically cut its forecast Farmgate Milk Price, with the midpoint falling from eight-dollars-per-kilogram of milk solids to just seven-dollars. It's blaming reduced demand for whole milk powder from China. Federated Farmers Dairy Chair Richard McIntyre told Heather du Plessis-Allan that it’s a challenging time for farmers. He says they've got high interest rates, high input costs, and now a milk price well below the breakeven price. LISTEN ABOVESee omnystudio.com/listener for privacy information.