NZD: Fonterra reduced its farmgate milk price - TDS

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Research Team at TDS, notes that the Fonterra reduced its farmgate milk price for the 15/16 season from NZ$4.15/kgMS to NZ$3.90, to a 9yr low, supporting an easing bias but not a cut on Thursday for the RBNZ.

    Key Quotes

    “With EPS of 45-55c means a total payout of NZ$4.35-NZ$4.45. A high NZD and elevated supply from Europe weigh on local milk prices.

    Q4 Manufacturing rose 1.3%/qtr, supporting our call for Q4 GDP at +0.8%/qtr (released Mar 17).”
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