Fonterra (ASX:FSF) has revised its 2022/23 Farmgate Milk price forecast downward from NZ$8.20-$8.80 to NZ$8.00-$8.60 per kgMS.

This change is due to softer demand, with skim milk powder prices down 7% since February, and lower-than-expected demand from China for whole milk powder.

Fonterra's earnings forecast remains unchanged at 55-75 cents per share.