Fonterra Whareroa sets cheese record, wins top award
Fonterra Whareroa wrapped up a successful season with a record-breaking cheese production volume and several gongs at the co-op's annual Best Site Cup awards.
The Commerce Commission has released its draft report following a review of Fonterra’s base milk price manual for the 2021-22 season.
It is also inviting public submissions on the draft report.
The Manual describes the methodology used by Fonterra to calculate its base milk price – the amount farmers receive from Fonterra for each kilogram of milk solids in a dairy season.
The Commission says its preliminary conclusion is that the Manual is consistent with both the efficiency and contestability dimensions of the purpose of the base milk price monitoring regime, with the exception of the rule for the asset beta.
The Commission says it considers a number of issues from previous years to be resolved and there is more transparency overall.
Recent amendments to the Dairy Restructuring Act (DIRA), which came into force on 1 June 2021, mean Fonterra’s discretion in estimating the asset beta has been reduced.
The Commission’s view is that the Manual rule for the asset beta is inconsistent with new requirements set out in DIRA because it potentially allows for an approach different from the approach prescribed in the Act.
In previous Manual reviews and the review of the 2020/21 base milk price calculation, the Commission identified a number of potential issues with how the Manual gives effect to the DIRA definition of “commodity”
Based on the information available, the Commission says it does not consider these matters as rendering the 2021/22 season’s Manual as wholly inconsistent with the DIRA purposes, but the Commission says it intends to examine more closely how the Manual gives effect to the DIRA definition of “commodity” in a future Manual review.
Submissions on the draft report are welcomed and need to be submitted by 15 November 2021.
A final report will be published by 15 December 2021.
A brilliant result and great news for growers and regional economies. That's how horticulture sector leaders are describing the news that sector exports for the year ended June 30 will reach $8.4 billion - an increase of 19% on last year and is forecast to hit close to $10 billion in 2029.
Funding is proving crucial for predator control despite a broken model reliant on the goodwill of volunteers.
A major milestone on New Zealand's unique journey to eradicate Mycoplasma bovis could come before the end of this year.
We're working through it, and we'll get to it.
The debate around New Zealand's future in the Paris Agreement is heating up.
A technical lab manager for Apata, Phoebe Scherer, has won the Bay of Plenty 2025 Young Grower regional title.
OPINION: It's official, Fieldays 2025 clocked 110,000 visitors over the four days.
OPINION: The Federated Farmers rural advocacy hub at Fieldays has been touted as a great success.