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Fonterra Cooperative Group Limited (ASX:FSF) has lifted its 2014 forecast milk price amid global supply constraints and a weaker New Zealand dollar.
The milk company says it’s increased its forecast milk price by 50 cents in the 2014 season to $7.50 per kg milk solids.
Fonterra - the world's biggest dairy exporter - also announced an estimated dividend of 32 cents per share.
Chairman John Wilson says the update reflects continuing strong international prices for dairy.
He says the board is adopting a qualitative earnings guidance approach in the 2014 financial year.
Fonterra generated a net profit of $NZ459 million in the first half of fiscal 2013.
