increase font size
John Wilson.
Fonterra has lifted its forecast farmgate milk price for the 2017-18 season by 25c to $6.75/kgMS.
The coop also announced a forecast earnings per share range of 45 to 55 cents, making the forecast total available payout to farmers in the 2017-18 season $7.20 to $7.30/kgMS, before retentions.
Chairman John Wilson says the revised forecast farmgate milk price reflects the ongoing rebalancing of supply and demand in global dairy markets.
“We are seeing growing confidence on-farm across the country and, with global demand for dairy strengthening, the signs are for a good start to the season for our farmers and their rural communities although following a challenging period of very wet conditions for some of our farmers,” says Wilson.
“The increased Farmgate Milk Price will be welcome news to farmers as they continue to invest in their businesses off the back of an improved 2016-17 season, with the usual reminder to budget cautiously especially in the early part of the season.”
Chief executive Theo Spierings says the coop is well positioned to take advantage of improving demand for dairy nutrition across our ingredients, consumer and foodservice markets.
“Increasing numbers of consumers in our global markets prefer dairy for their everyday source of nutrition, and that is converting into strong demand particularly in consumer and foodservice products,” says Spierings.
“Our forecasts are prudent given that we are still early in the season and we are starting with very low levels of inventory, and we are focused on continuing to demonstrate strong business performance so as to bring greater returns for our farmers.”
As part of preparing for a potential IPO in relation to the divestment process for its global Consumer business and integrated businesses Fonterra Oceania and Sri Lanka, Fonterra has named Anne Templeman-Jones as chair-elect of the Audit and Risk Committee for the Mainland Group board.
Fonterra says it takes the ongoing threat of 'adverse cyber action' extremely seriously.
Despite the turmoil in global markets, Fonterra is continuing with a dual track process to divest its multi-billion dollars consumer businesses.
Fonterra says the US continues to be an important market for New Zealand dairy and the co-op.
Fonterra has named Elizabeth (Liz) Coutts the chair of Mainland Group, the proposed divestment entity of the co-operative’s consumer business.
Farmers in the Australian state of New South Wales will soon be able to use virtual fencing and herding technology to boost farm productivity.
Hawke's Bay teenage entrepreneur Hugo Moffett is helping the rural community access cheaper school uniforms, all without leaving their homes.
As part of preparing for a potential IPO in relation to the divestment process for its global Consumer business and integrated businesses Fonterra Oceania and Sri Lanka, Fonterra has named Anne Templeman-Jones as chair-elect of the Audit and Risk Committee for the Mainland Group board.
There's been a positive response to the Government's latest move to make freshwater farm plans more practical and affordable.
Massey University has begun trialling the use of superior beef genetics in its two dairy farms as part of Beef + Lamb New Zealand's dairy beef progeny test.
The annual Featherston Booktown Karukatea Festival – a fusion of books and storytelling - celebrates its 10th anniversary this year.
