Fonterra Whareroa sets cheese record, wins top award
Fonterra Whareroa wrapped up a successful season with a record-breaking cheese production volume and several gongs at the co-op's annual Best Site Cup awards.
Embattled milk processor Synlait is the latest to increase its forecast base milk price for the 2024/25 season.
In an announcement to the NZX this morning, Synlait said it would lift its forecast to $8.60/kgMS, up from $8/kgMS.
Despite this increase, the milk processor says it will continue to take a ‘conservative’ approach to its 2024/25 forecast due to exposure to what it describes as volatile future dairy commodity prices earlier in the season.
“Retention of Synlait’s milk supply remains a critical priority for the company,” the statement says. “Synlait is committed to delivering a competitive milk price and advanced rate profile, which has also been lifted for 2024/2025 to ensure the company’s on-farm offering remains attractive to farmer suppliers.”
Synlait says it will continue to monitor future forecast movements and its final milk price for the 2023/24 season will be confirmed when the company’s full-year results are revealed at the end of this month.
The announcement comes just two weeks after Fonterra announced its new forecast range of $7.75 - $9.25/kgMS, meaning a midpoint of $8.50/kgMS.
It also comes as Synlait attempts to pass a recapitalisation plan which would see $218 million in shares offered to its two largest shareholders, Bright Dairy of China and the a2 Milk Company (a2MC).
Currently, Bright Dairy owns 39% of Synlait but under the deal that would increase to approximately two thirds of the listed company. Meanwhile, a2MC would retain its 19.83% stake.
A special shareholder meeting has been scheduled for September 18 to confirm the recapitalisation.
Newly elected Federated Farmers meat and wool group chair Richard Dawkins says he will continue the great work done his predecessor Toby Williams.
Hosted by ginger dynamo Te Radar, the Fieldays Innovation Award Winners Event put the spotlight on the agricultural industry's most promising ideas.
According to DairyNZ's latest Econ Tracker update, there has been a rise in the forecast breakeven milk price for the 2025/26 season.
Despite the rain and a liberal coating of mud, engines roared, and the 50th Fieldays Tractor Pull Competition drew crowds of spectators across the four days of the annual event.
Nationwide rural wellbeing programme, Farmstrong recently celebrated its tenth birthday at Fieldays with an event attended by ambassador Sam Whitelock, Farmers Mutual Group (FMG), Farmstrong partners, and government Ministers.
Six industry organisations, including DairyNZ and the Dairy Companies Association (DCANZ) have signed an agreement with the Ministry for Primary Industries (MPI) to prepare the country for a potential foot and mouth outbreak.
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