Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Fonterra has reduced its forecast farmgate milk price for the 2014/15 season from $4.70/kgMS to $4.50/kgMS.
With the estimated dividend range of 20-30 cents per share, this amounts to a forecast cash payout of $4.70 - $4.80 for the current season.
Chairman John Wilson says the reduction reflected the continuing and significant volatility in international dairy commodity prices caused by over-supply in the market.
“We have confidence in the long-term fundamentals of international dairy demand, however the market has not yet rebalanced and GDT prices for products that inform our farmgate milk price have fallen 23% since February,” he says.
“This reduction will impact cash flows for our farmers, who will need to continue exercising caution with on-farm budgets.
“Our farmers are already managing very tight cashflows. Although this reduction is not the news that anyone wants, it is important we keep our farmers updated given the significant market uncertainty.
“Given the reduced milk price forecast, we are also lowering the advance rate of scheduled monthly payments to our farmers.”
Chief executive Theo Spierings says geopolitical unrest in places such as Russia, the Middle East and North Africa is impacting on global dairy demand.
“Remote as they are, events such as the flow of refugees from Libya to Europe come together with factors like lower oil prices to soften dairy demand,” says Spierings.
Fonterra also announced its latest estimate of New Zealand milk production for the current season is 1,607 million kgMS. This is based on recent growth conditions on-farm and will depend on conditions for the rest of the season.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Trade Minister Todd McClay says New Zealand has no intention of backing down in a trade dispute with Canada over dairy products.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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