Fonterra appoints new CFO
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
Fonterra’s farm gate milk price faces another revision following the Global dairy Trade (GDT) auction overnight.
The GDT price index fell 3.5%, compared to the previous auction. Whole milk powder price, the main tool used by Fonterra to determine its farm gate milk price, was down 1.8% to US$2599/metric tonne.
The WMP price has failed to rise in nine consecutive GDT auctions and is at a two-year low.
Fonterra is required to give a milk price forecast for Dairy Industry Restructuring Act (DIRA) purposes by 15 December 2018.
On August 31, the co-op revised its 2018/19 forecast farm gate milk price from $7.00/kgMS to $6.75/kgMS.
However, available market information forced the co-op to lower the forecast milk price even further on October 10. The co-op slashed its milk price from $6.75/kgMS to a range of $6.25 to $6.50.
Key results
AMF index down 9.4%, average price US$4,577/MT
Butter index down 9.6%, average price US$3,637/MT
BMP not offered
Ched index up 0.2%, average price US$3,252/MT
LAC index up 1.1%, average price US$920/MT
RenCas index down 4.5%, average price US$5,067/MT
SMP index down 1.6%, average price US$1,965/MT
SWP index not available, average price not available
WMP index down 1.8%, average price US$2,599/MT
James and Debbie Stewart from Dairylands in Manawatu impressed judges and took out the 2024 Fonterra Responsible Dairying Award.
Manawatu farmers Will Hinton and Kali Rangiawha have scooped the 2024 New Zealand Share Farmers of the Year.
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Females are dominating the veterinary profession worldwide and many farmers are welcoming this change in the composition of the profession, says Britain's Chief Veterinary Officer (CVO) Professor Christine Middlemiss.
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
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