Murray Goulbourn cuts milk supplier rates

Australia's largest dairy Murray Goulburn is to cut the amount it pays its milk suppliers because of a dramatic fall in forecast profits. 

Updating the market this week, the owner of the Devondale brand slashed its forecast profits from $85.8m to $39-$42m. Blaming the fall in large part on a drop in demand from China, the company revealed that the shortfall had rendered its previous farm-gate price guidance unachievable. Having previously pledged a price $5.60 per kg of milk solid, the company revised it to $4.75-$5.00 per kg.

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