date:Jul 30, 2014
New Zealand dairy farmers learned Tuesday that their earnings for the 2014-2015 season will be worse than expected thanks to a boom in global production and a glut of dairy products in China.
Farmer-owned cooperative Fonterra, the world's biggest dairy exporter, announced a payout of 6 NZ dollars (5.11 U.S. dollars) per kilogram of milk solids, down from 8.40 NZ dollars (7.15 U.S. dollars) in the previous season, sparking concerns over the impact on the national economy.
The drop in payments w