Fonterra to offload iconic brands
Fonterra says the sale of its global consumer business and its Oceania and Sri Lankan operations could take 18 months to complete.
Fonterra Co-operative Group Limited has reduced its milk volume forecast for the 2014-15 season to 1,532 million kgMS, reflecting the impact of dry weather on production in recent weeks.
The new forecast is 3.3 per cent lower than the 1,584 million kgMS collected last season. The previous milk volume forecast, made in December last year was 1,584 million kgMS.
Group director co-operative affairs Miles Hurrell said daily milk production was now 6.1 per cent lower than at the same time last season, as farmers appear to be using more traditional practices to manage their farm businesses with the low payout forecast.
“In the first half of the season, excellent pasture conditions resulted in milk volumes being higher than the previous season.”
“The situation has changed significantly over the course of this month.”
“In some regions where pasture quality has declined markedly since mid-January, we are seeing some farmers drying off cows early. There also appears to be a reduction in feed supplements, as the economics do not support their widespread use this season,” says Hurrell.
Fonterra has confirmed that it can meet all current sales commitments. However, in light of the reduced milk volume forecast, it is planning to reduce the quantity of product offered on the GlobalDairyTrade auction platform, and via direct sales channels.
The Ministry for the Environment (MfE) has found itself in a stoush with NZPork over the controversial National Policy Statement for Highly Productive Land (NPS-HPL).
Fonterra says the sale of its global consumer business and its Oceania and Sri Lankan operations could take 18 months to complete.
The lobby group the Methane Science Accord (MSA) says it welcomes a recent government move to seek outside advice on reducing biological methane targets, rather than relying on recommendations made by the Climate Change Commission.
Well-known scientist Jock Allison has passed away.
After a decade of consultation and court battles, Environment Southland has officially adopted a plan to prevent further decline in the region's water quality.
Farmers are throwing down the gauntlet to politicians - hold an independent inquiry into rural bank lending or face tough questions from the farming sector.
OPINION: Good on the UK'S NFU for battling to get supermarkets to prioritise local farmers' produce.
OPINION: Seven of the UK's major supermarket chains have now responded to the call for them to back the nation's…