November 17, 2016 / 7:52 PM / a year ago

Fonterra raises farmgate milk forecast to NZ$6

WELLINGTON, Nov 18 (Reuters) - Dairy co-operative Fonterra said on Friday it was raising its forecast farmgate milk payout to NZ$6 per kilogram of milk solids (kgMS).

The continuing rise in global dairy prices since July had prompted the dairy giant to raise the forecast payout from a previously predicted NZ$5.25 kgMS .

Forecast earnings per share for the 2017 year were NZ$0.50 to NZ$0.60, meaning farmers were likely to earn at least $6.50 kgMS in the current season. (Reporting by Charlotte Greenfield)

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