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.
Fonterra’s milk collection across New Zealand for the four months to September 30 reached 297 million kgMS, 3% behind the same period last season, Fonterra says in its latest update.
September milk collection was 175 million kgMS, 2% lower than September last season.
As a result, the cooperative’s forecast offer volumes on GlobalDairyTrade over the next 12 months for New Zealand products has been decreased by 11,199 MT. Including this latest decrease, Fonterra has reduced GDT offer volumes since August 1, 2016 by 55,481 MT.
North Island milk collection in September reached 110 million kgMS, 5% behind September last season.
“Unfavourable weather conditions continue to impact production across most dairying regions. High levels of rainfall in October have made conditions difficult across many regions, but most noticeably in the central region where daily production is down around 14% compared to last year,” the update says.
South Island milk collection in September reached 64 million kgMS, 3% above September last season. Initial October collections indicate milk volumes in the South Island have begun to decline and may fall below last season, it says.
Fonterra’s milk collection across Australia in September, was 12 million kgMS, 1 million kgMS lower than September last season.
“New season milk collection has been heavily impacted by unfavourable pasture conditions through winter and early spring. While we have new farmer suppliers moving to Fonterra, this increase in supply has been offset by the challenging conditions, with record rainfall seen in some regions,” the update says.
China’s Ambassador Wang Xiaolong says bilateral economic and trade cooperation between China and New Zealand has made significant and rapid progress.
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.