LIC Space folds for good
Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.
Herd Improvement company LIC’s earning guidance has taken a hit as this season’s forecast milk price for farmers continues to plummet.
LIC says its underlying earnings for 2023-24 financial year will be in the range of $17-$22 million. In July, the co-operative expected underlying earnings to be in the range of $22-28.
LIC is also leaving open the possibility of another revision if milk prices continue to fall.
It says the revised guidance assumes “no further milk price changes or significant climate events take place”.
In the past two weeks, Fonterra has slashed $1.25 from its forecast farmgate milk price range mid-point.
Farmers now expect to be paid $6.75/kgMS for milk this season.
LIC board chair Murray King says earnings were anticipated to be lower than initially forecasted, however the co-op remains committed to ensuring farmers can continue their investment to breeding the most efficient cows for their herd.
“Although it is early into the season, the lower forecast milk payout has created a challenging economic landscape for many dairy farmers across New Zealand.
“Our farmers will be reviewing their cost structures and as their co-operative we are doing the same.
“The board is committed to protecting the long-term sustainability of the co-op and the efficiency of our farmers’ herds, while ensuring that we continue to deliver exceptional value on farm.”
LIC says it will continue to update the market in line with its continuous disclosure obligations.
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.