Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Fonterra may need to provide additional support to cash-strapped farmers if the forecast milk price continues to fall.
However, another lift in the advance rate would be risky as Fonterra could end up overpaying farmer suppliers and be forced to claw back money.
Fonterra Co-operative Council has previously pushed hard for more cash to be returned to farmers quicker.
Council chair John Stevenson says, as a result, Fonterra changed its advance rate guidelines to pay farmers a higher percentage of the forecast milk price earlier.
But he adds that further increases to the advance rate would come with an increased risk of Fonterra over-paying if there are further declines in milk price.
This month, Fonterra shareholders received $6/kgMS as advance rate for milk supplied in July.
However, for the rest of the year, farmers can expect $5.25/kgMS in advance rate from Fonterra.
"There is a long way to go in the season yet," Stevenson told Dairy News.
"If we continue to see challenges aroun milk price then there will likely be increased calls for Fonterra to use the strength of its balance sheet to support its owners."
New data released by LIC and DairyNZ shows New Zealand dairy farmers have achieved the highest six week in-calf rate and lowest notin- calf rate on record.
Christchurch City Council and the Canterbury Agricultural and Pastoral Association (CAPA) have signed an agreement which will open more of Canterbury Agricultural Park for public use while helping to provide long-term certainty for the A&P Show.
This year’s Fieldays will feature a Rural Advocacy Hub - bringing together various rural organisations who are advocating for farmers and championing their interests as one team, under one roof, for the first time.
ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
Hunters around the country are hoping for some foul weather this weekend with the game bird season getting underway.
Farmers have been airing their concerns to the Government over changes to the Accredited Employer Work Visa scheme.
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