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The listed Canterbury processor paid out an average of $0.27/kgMS was paid for incentives.
Synlait has matched Fonterra in delivering a final milk price of $8.22/kgMS for last season.
In addition, the listed Canterbury processor paid out an average of $0.27/kgMS was paid for incentives, taking the total average milk payment for 2022-23 to $8.49/kgMS.
The base milk price is down from Synlait’s highest payout, $9.30/kgMS, in the prior season.
The company says commodity prices corrected downwards across the 2022-23 season in response to recovering global supplies and softening demand.
Synlait is sticking to its $7/kgMS forecast milk price for this season.
“Increases in the last two Global Dairy Trade events, after a period of significant downward pressure, means Synlait can confirm that its base milk price forecast for the 2023-24 season will remain at $7/kgMS,” it says.
Fonterra last week also delivered a final 2022-23 season farmgate milk price of $8.22/kgMS.
The co-op also announced a strong full year dividend of 50c/share – comprising an interim dividend of 10c/share and a final dividend of 40c/share.
The co-op also pointed out that it recently returned tax free 50c/share to shareholders and unit holders in August, following the divestment of Soprole, giving a final cash pay-out to farmers of $9.22/share backed kgMS.
Fonterra has a forecast 2023/24 Farmgate Milk Price range of $6-$7.50/kgMS, with a midpoint of $6.75, reflecting “reduced demand for whole milk powder from key importing regions”.
Australian dairy farmers supplying Fonterra are getting an opening weighted average milk price of A$8.60/kgMS for the new season or around NZ$9.26/kgMS - NZ74c less than New Zealand suppliers, based on the current exchange rate.
A record $10/kgMS opening forecast milk price for the new season means more money into Fonterra farmers pockets early, says Federated Farmers dairy chair Richard McIntyre.
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
The 2025-26 season is set to start on a high and a $10/kgMS opening forecast milk price isn't being ruled out.
Consumers around the world are willing to pay more for products containing dairy and this is driving demand for butter and cream, says Fonterra.
Australian dairy farmers supplying Fonterra are getting an opening weighted average milk price of A$8.60/kgMS for the new season or around NZ$9.26/kgMS - NZ74c less than New Zealand suppliers, based on the current exchange rate.
Taranaki veterinarian Dr Rob Mills is the new president of New Zealand Veterinary Association (NZVA).
Input costs can make or break a season for farmers and electricity is one of the largest expenses.
Zespri says global sales for the 2024-25 season topped $5 billion on the back of strong demand and market returns.
Massey University is returning to the Fieldays with a future-focused, solution-driven theme, showcasing research that delivers practical advancements in agricultural efficiency, sustainability and longevity.
Newly appointed National Fieldays chief executive Richard Lindroos says his team is ready, excited and looking forward to delivering the four-day event next month.
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