Data sharing initiative wins national award for saving farmers time
The work Fonterra has done with Ballance Agri-Nutrients Ltd, LIC and Ravensdown to save farmers time through better data connections has been recognised with a national award.
Just two weeks after slashing its forecast milk price mid-point by $1, Fonterra has shaved another 25c off.
The new forecast farmgate milk price range is $6/kgMS to $7.50/kgMS, with a new mid-point of $6.75/kgMS.
Fonterra chef executive Miles Hurrell says Global Dairy Trade (GDT) prices have continued to fall since it revised its Farmgate Milk Price earlier this month, requiring the co-op to reduce its midpoint by a further 25 cents.
“GDT prices have fallen sharply since we released our opening forecast for the season in May, with the overall index down 16% over that period.
“While our wide forecast range assumed movement in GDT prices, whole milk powder prices fell 10.9% in the most recent trading event requiring us to revise our position again.
“Reduced demand from key importing regions for whole milk powder is weighing on prices. While indications are demand will start to return over the second half of FY24, we do expect the pace of demand growth to be subdued relative to initial expectations.”
Fonterra will continue to respond to market signals and adjust its forecast farmgate milk price to ensure that the impact of current prices and currency movements is transparent, says Hurrell.
“This is a challenging time for New Zealand’s dairy farmers and the co-op is doing all it can to support its farmers,” says Hurrell.
Managing director of Woolover Ltd, David Brown, has put a lot of effort into verifying what seems intuitive, that keeping newborn stock's core temperature stable pays dividends by helping them realise their full genetic potential.
Within the next 10 years, New Zealand agriculture will need to manage its largest-ever intergenerational transfer of wealth, conservatively valued at $150 billion in farming assets.
Boutique Waikato cheese producer Meyer Cheese is investing in a new $3.5 million facility, designed to boost capacity and enhance the company's sustainability credentials.
OPINION: The Government's decision to rule out changes to Fringe Benefit Tax (FBT) that would cost every farmer thousands of dollars annually, is sensible.
Compensation assistance for farmers impacted by Mycoplama bovis is being wound up.
Selecting the reverse gear quicker than a lovestruck boyfriend who has met the in-laws for the first time, the Coalition Government has confirmed that the proposal to amend Fringe Benefit Tax (FBT) charged against farm utes has been canned.
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