Economists expect Fonterra's farmgate milk price for 2019/20 be an improvement on the previous year's, but there is a broad range of expectations due to heightened uncertainties on the world trade front.

The forecast takes on extra significance for dairy farmers following Fonterra's shock guidance for a full-year loss of up to $675 million and no dividend. Major shareholders say that downgrade will weigh on their own earnings and add to farmer malaise.

The co-op itself has a very wide forecast range of $6.25 to $7.25 per kg for 2019/20, against a $6.30-$6.40 range for 2018/19.

Fonterra is expected to

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