(MENAFN) Fonterra, New Zealand's diary giant, announced plans to cut payouts to the country's pillar dairy farming sector which is led by the weakening global demand, Xinhua reported.
The dairy giant Fonterra Co-operative Group Ltd. cut its forecast farm gate milk price for the 2014-2015 season from USD4.84 to USD4.28 per kilogram of milk solids.
"The 2014-2015 season which offered so much has turned into a break-even one for not just Fonterra suppliers, but the entire industry," Federated Farmers dairy chairperson said.
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