Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Fonterra's online dairy sale platform is looking at a joint auction for European dairy products.
GlobalDairyTrade (GDT) is in talks with the European Energy Exchange (EEX) and the parties have signed a letter of intent.
GDT runs twice-monthly auctions for generic, large-volume products, attracting at least 520 registered bidders from 80 countries.
EEX’s offering of European dairy products includes financially settled futures on skimmed milk powder, butter and whey powder.
Since the launch of agricultural products in mid-May 2015, the EEX derivatives market for dairy products is said to have continuously achieved record volumes and grown steadily, becoming the leading exchange market for dairy risk management in Europe.
EEX and GDT plan to consult with dairy product buyers and sellers on jointly offering price discovery for European dairy products via an auction designed for that market.
EEX head of agricultural commodities Sascha Siegel says such an auction could benefit the dairy value chain by providing another business channel for exports, and by creating data for new risk management instruments.
“With its expertise in dairy auctions, Global Dairy Trade is the ideal partner for such a project,” Siegel says.
GDT director Eric Hansen says EEX is highly respected and the only European market operator recording large numbers of dairy futures contracts.
“We look forward to exploring the potential for a joint initiative that would enable us to better meet the needs of European buyers and sellers,” Hansen said. “This initiative forms an important part of our growth strategy.”
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.