China's downturn and conflict in the Middle East remain front of mind for Fonterra.
The dairy co-op is forecasting a Farmgate Milk Price midpoint of $8 next season, just up from its current season forecast of $7.80.
It says global conditions remain volatile, and demand from China is taking a while to recover.
Fonterra Chief Executive Miles Hurrell says Middle Eastern markets increased their stockpiles last year and won't be buying as much this year.
"We're talking geopolitics here - things aren't getting any easier out there, you just read that in the headlines or any of the international press that's out there. We need to be mindful of that."
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