increase font size
Westland Milk farmer shareholders will be watching their spending very closely after the co-op slashed 60c off its 2014-15 forecast payout.
The country's number two dairy processor has announced a revised payout of $5.40/kgMS to $5.80/kgMS.
"Given Fonterra's hold on its benchmark payout forecast, this isn't exactly the best news to go into spring with," says Renee Rooney, Federated Farmers West Coast dairy chairperson.
"The fact the world produced seven billion litres of milk for export in the first half of 2014 isn't a secret and hasn't happened overnight, so this further revision is disappointing.
"It is going to mean some serious belt-tightening on the West Coast. Federated Farmers' Andrew Hoggard was prescient yesterday when he said for farmers to budget in the mid-five dollar payout range.
"The priority for our guys now is to redo budgets and cashflow. It means talking to your farm advisors and the bank to keep them fully in the loop; I'd run a 'no surprises' policy."
Farmers needing help are asked to contact the West Coast team at Federated Farmers or the Rural Support Trust on 0800 787 254.
"Given this is one hell of a drop in less than a month I think we need to ask if Westland had its glass over half full," says Rooney.
"Like anyone we don't like bad news but its better to get that news early than be led down the garden path.
"We are definitely going to be asking questions."
A survey of contract milkers in the dairy sector has revealed some shocking statistics - 43% of respondents reported abusive behaviour from a farm owner and a whopping 72% suffered a mental and/or financial setback in the role.
OPINION: The Government's latest move to make freshwater farm plans more practical and affordable is welcome, and long overdue.
There's been a positive response to the Government's latest move to make freshwater farm plans more practical and affordable.
Many contract milkers in badly drought affected regions around the country are coming under severe financial stress and farm owners are being urged to help them through a bad patch until the start of the new season.
OPINION: Should Greenpeace be stripped of their charitable status? Farmers say yes.
A survey of contract milkers in the dairy sector has revealed some shocking statistics - 43% of respondents reported abusive behaviour from a farm owner and a whopping 72% suffered a mental and/or financial setback in the role.
The 2025 game bird season is underway with Hawke’s Bay and Southland reporting the ideal weather conditions for hunters – rain and wind.
A group of meat processing companies, directors and managers have been fined a total of $1.6 million for deliberately and illegally altering exported tallow for profit.
New Zealand’s top cheeses for 2025 have been announced and family-owned, Oamaru-based Whitestone Cheese is the big winner.
Waikato farmer, and Owl Farm demonstration manager, Jo Sheridan is the 2025 Fonterra Dairy Woman of the Year.
New Zealand’s special agricultural trade envoy Hamish Marr believes the outlook for the dairy sector remains strong.
OPINION: Farmers won't get any credit for this from the daily media, so Milking It is giving the bouquets where…
OPINION: The Advertising Standards Authority’s 2024 report revealed that not only is social media rotting our brains, it is also…
