NEW ZEALAND: Fonterra cuts estimated farmer payment for 2001-2002
New Zealand dairy group Fonterra said today [Tuesday] it cannot envisage paying local farmers more than NZ$5.30 (US$2.25) per kilogram of milk solids they supply during the current season that ends 31 May. This will be disappointing news for farmers, who had been told they could expect NZ$5.40/kg as recently as halfway through February. "We have not been spared the effects of Sept. 11 and the slowing of the world economy," said John Roadley, Fonterra's chairman, in a prepared speech.
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