Fonterra chief executive Miles Hurrell said varied weather and challenging growing conditions across many parts of the country earlier in the season resulted in actual milk collections down on the same time last year.
“We were expecting conditions to improve over the Christmas-New Year period, but this has not eventuated,” Hurrell said.
The revised forecast represented a 1.6 per cent reduction in kilograms of milk solids collected.
The season started on June 1.
Hurrell said at this stage no change was needed to the volume of product Fonterra was offering on the Global Dairy Trade (GDT) platform.
Due to the high demand for off-GDT sales, it had already reduced the volume it was offering on the GDT platform earlier in the season.
“We will continue to monitor the situation and carefully manage our sales both on and off-GDT.”