Fonterra has slashed its farm gate milk price (FGMP) forecast for the 2014/15 season to NZ$4.70 (US$3.63, €2.93) - the third such reduction since it was first announced in May.
China has lifted its ban on the import of Fonterra two infant formula ingredients, more than a year after it was implemented in the midst of the 2013 botulism scare.
Fonterra has acknowledged that proposed job losses at its under-capacity Canpac packing plant can be attributed in part to last year's whey protein concentrate (WPC) botulism scare.