Boost for NZ, Nordic Jerseys genetic link
A new collaboration is underway to improve the genetic links between the New Zealand and Nordic Jersey cattle populations.
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.
Applications are open for Horticulture New Zealand’s (HortNZ) 2025 scholarship programme with18 funding opportunities for students with a special interest in the commercial fruit and vegetable industry.
A lot depends on what happens in the next few months. That's the view of Federated Farmers Otago president, Luke Kane.
A group of volunteers from Lincoln University known as the 'Handy Landies' is among those descending on Otago to help farmers get their properties back to normal.
In another sign of improving agribusiness sentiment, two listed companies have lifted their forecast earnings for the year.
Three nominations have been received for two vacant director positions on meat processor, Alliance Group's board.
Canterbury milk processor Synlait says some farmer suppliers have been inquiring about the process to remove their cessation notices, handed in earlier this year.
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