increase font size
Fonterra has increased its 2023/24 season forecast farmgate milk price.
Fonterra farmers start the new week with some good news – their forecast milk price mid-point for the season has jumped 30c.
The co-operative increased its 2023/24 season forecast farmgate milk price, with the midpoint lifting to $7.80/kgMS, up from $7.50/kgMS.
The forecast range for the season increases to $7.30-$8.30/kgMS, up from $7-$8/kgMS.
Fonterra chief executive Miles Hurrell says the lift in the farmgate milk price comes off the back of five strong Global Dairy Trade events.
“Recently, we’ve seen a lift in demand, primarily from the Middle East and South East Asia, for our reference commodity products and this has been reflected in GDT prices.
“Overall GDT prices are up 10% since our last Farmgate Milk Price update in December, with whole milk powder prices up 11.5% over the same period.
“Looking ahead, the potential impact of geopolitical instability and supply chain disruption on demand from key importing regions remains uncertain.
“We can navigate these dynamics thanks to our scale and our diversification across markets, which provides us with optionality. We are also well placed to continue to get the co-op’s product to customers through our partnership with Kotahi,” says Hurrell.
Fonterra’s forecast earnings guidance for FY24 of 50-65c/share remains unchanged.
With less than a week to go before submissions close on the Government’s controversial Gene Technology Bill, two agribusiness executives - John Greenberg and Michael Henne - are calling on Fonterra to demand an extension to the submission period.
Dairy's superpowers are lifting their game on proving greenhouse gas credentials.
OPINION: The fate of methane inhibitor Bovaer in NZ farming is still up in the air.
Fonterra has announced $15 million in investments in electrification projects across the North Island over the next 18 months.
A significant rise in Global Dairy Trade (GDT) auction last week has prompted one bank to lift its forecast milk price for the season to above Fonterra's mid-point.
Alliance Group has secured greater access for chilled beef exports to China, following approval for two of its processing plants to supply the market.
The countdown is on to be one of the most anticipated events in the sheep and beef industry, the East Coast Farming Expo.
Applications for the 2025 intake of Rabobank's Farm Managers Programme (FMP) and Executive Development Programme (EDP) are now open.
Dean Smith has been in the role of CEO of Summerfruit NZ for about four months, having succeeded Kate Hellstrom at the end of September.
Beef + Lamb NZ wants farmers to complete a survey that will shed light on the financial toll of facial eczema (FE) at the farm level.
New Zealand cherry exports may be headed for a record year in terms of volume, says Summerfruit NZ chief executive Dean Smith.
OPINION: Is Canterbury milk processor Synlait back in business?
OPINION: The fate of methane inhibitor Bovaer in NZ farming is still up in the air.
