December 5, 2018 / 7:48 PM / 6 days ago

CORRECTED-NZ's Fonterra further lowers Farmgate Milk price forecast

(Corrects paragraph 1 to say supply outweighs demand, not demand outweighs supply)

Dec 6 (Reuters) - Fonterra Co-operative Group Limited said it had further lowered its 2018-2019 guidance for its Farmgate Milk price as global supply continued to outweigh demand.

The world's largest dairy exporter said it would pay its dairy farmers NZ$6.00 to NZ$6.30, down from the prior NZ$6.25 to NZ$6.50 per kgMS (kg of milk solids) range set in October.

Reporting by Nikhil Subba in Bengaluru Editing by Alison Williams

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