Global dairy giant Fonterra Cooperative Dairies Ltd today
posted a profit of $293 million for the half year to January
31, and confirmed its forecast for a record payout to farmers
of about $11 billion.
Dairy commodity prices tumbled at Fonterra's overnight online
auction, with the globalDairyTrade trade weighted index
falling 8.2 percent, and the average winning price down to
$US4443 ($NZ6064) from $US4826 a fortnight ago.
The attention of the world's dairy markets will be focused on
today's globalDairyTrade event after news cyclones, floods
and bush fires have cut Australian milk production by at
least 100 million litres this season.