Fonterra predicts greater pain on horizon for dairy farmers

Dairy market turbulence has yet to run its course and there’ll be more pain ahead for farmers, according to NZ dairy giant Fonterra.

With dairy prices now at a 12-year low, Fonterra CEO Theo Spierings says demand will remain sluggish amid slowing growth and equity market turmoil in China.

Consumption by oil-dependent countries may also be hurt after crude prices plunged below $30 (€28) a barrel this month, the lowest since 2003, said Spierings.