Fonterra unveils first electric refrigerated truck
Fonterra has unveiled the first refrigerated electric truck to deliver dairy products across Auckland.
Fonterra’s reliable supply chain and strong demand from China and South East Asia are helping drive dairy prices up, says co-op chief executive Miles Hurrell.
In an email to farmer suppliers, Hurrell described the overnight Global Dairy Trade (GDT) auction results as “pretty extraordinary”.
The GDT price index jumped 15% compared to the previous auction, its eight consecutive price rise.
Whole milk powder prices, used by Fonterra to set its milk payout, rose a whopping 21% to US$4364/MT, a seven-year high.
Hurrell says farmers would be keen to know what the latest result means for Fonterra’s farmgate milk price.
The co-op is forecasting a milk price range of $6.90-$7.50/kgMS and earnings range of 25 to 35c/share.
“We are now assessing the situation, running the numbers on our forecast farmgate milk price and talking to our sales teams on the ground in our markets to understand further what they are seeing, regarding future demand,” he says.
“While GDT results are one key input to the farmgate milk price, there are many other factors we need to consider – including, how far we are through the season, our sales book, foreign exchange and any ongoing impacts from COVID-19.”
Hurrell says an increase in dairy prices was expected, as reflected by the NZX Whole Milk Powder futures contract yesterday being at $3,790/MT or a 5.7% increase on the 17 February GDT event.
“However, a lift of 21% was not anticipated,” he says.
“We’ve continued to see strong demand for dairy from China and South East Asia, and participation was high last night.
“The relative reliability of our supply chain versus that of others means buyers trust we will be able to get our product to them and that’s also helping drive further demand for our products.”
Open Country Dairy has finalised a deal to acquire 100% of Miraka.
Fonterra has unveiled the first refrigerated electric truck to deliver dairy products across Auckland.
Research and healthcare initiatives, leadership and dedication to the sector have been recognised in the 2025 Horticulture Industry Awards.
Virtual fencing and pasture management company Halter says its NZ operations has delivered a profit of $2.8 million after exclusion of notional items.
Manuka honey trader Comvita slumped to a $104 million net loss last financial year, reflecting prolonged market disruption, oversupply and pricing volatility.
The Government has struck a deal with New Zealand's poultry industry, agreeing how they will jointly prepare for and respond to exotic poultry diseases, including any possible outbreak of high pathogenicity avian influenza (HPAI).
OPINION: Milking It reckons if you're National, looking at recent polls, the dream scenario is that the elusive economic recovery…
OPINION: Sydney has a $12 million milk disposal problem.