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Farmers are wary of the opening milk price forecast.
Fonterra's latest financial update puts the current season's midpoint payout forecast at $9.70.
It's up slightly next season at $9.75, but signals it could end up as low as $8 or as high as $11, depending on global events.
Federated Farmers Dairy Chair Karl Dean told Andrew Dickens farmers are optimistic, but cautious of the range.
He says Fonterra's taking the easy route with the low point, but they've warned farmers of that.
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