NZD bullish: New Zealand’s Fonterra raises its forecast payout to farmers

The NZ Herald carried a report earlier today, citing that New Zealand’s dairy giant, Fonterra, raised its payout to the farmers, in repose to rising Asian demand, but canceled the company’s interim dividend.

Further Details:

Fonterra expects to pay $6.30-6.60 per kilogram of milk solids in the current season from December forecast of $6-6.30/kgMS and $6.69/kgMS in the 2018 season.

It has also scaled back its milk collection forecast by 20 million kg to 1,530 million kgMS, which is still 2% more than the previous season.

Despite downbeat Chinese PMI numbers, the Kiwi manages to trade a touch higher near 0.6850, in the wake of the abovementioned headlines.