Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Dairy prices lifted 2.1% at Fonterra's GlobalDairyTrade auction last night.
The whole milk powder index rose to 1.5%, with an average price US$2,013/MT and skim milk powder was up 0.1%, to an average price US$1,721/MT.
ASB's chief economist Nick Tuffley says the whole milk price increases were concentrated in the near-dated delivery contracts, hinting at potential price pressure as the peak of NZ's season recedes. Skim powder prices were flat.
There were some very divergent price moves for other products, though mainly a continuation of recent volatility, he says. Cheese and anhydrous milk fat price prices gained sharply, reversing recent weakness, while butter milk powder prices gave back their recent recovery.
"We expect dairy prices to gradually trend up over the coming season as NZ and European production respond to the current low prices and as Chinese import demand recovers."
ASB is maintaining its 2015/16 and 2016/17 milk price forecasts at $3.90/kgMS and $6/kgMS, respectively.
Key Results of Event 161
AMF index up 6.7%, average price US$3,203/MT; Butter index down 2.0%, average price US$2,702/MT; BMP index down 8.2%, average price US$1,395/MT; Ched index up 10.5%, average price US$2,778/MT; LAC index up 6.2%, average price US$661/MT; RenCas index up 11.8%, average price US$4,438/MT
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
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