The diary giant 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.
CEO Miles Hurrell says they've been through some tough times in the past when both international supply and demand has been against them.
He says this is a demand issue, but there's not a heap of milk coming out of Europe and North America.
Hurrell says that gives him confidence that if demand picks up, we should see our way through this.
