Fonterra cements position as the big cheese!
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
Rabobank says strong global supply is weighing on the dairy market, with international dairy commodity prices down across the board.
Milk production in New Zealand and Australia is particularly strong, on the back of favourable seasonal conditions, with milk flows tracking above last season's levels. Global demand remains patchy, with weak retail sales in the US and several key EU markets.
Earlier this week Fonterra dropped its 2011-12 forecast payout by 15c/kgMS. It says a strong Kiwi dollar and declining commodity prices.
In its March agribusiness review, Rabobank says commodity prices in New Zealand dollar terms weakened by a further 6.5% on average in February on the back of softer international prices.
At the same time the New Zealand dollar firmed 4.5% during the period.
On the international market, strong global supply out of Australia, New Zealand and the US is weighing on dairy commodity prices, it says.
"Milk powders are trading around 20% below the levels seen this time last year, with cheese prices down around 10%," it says.
Farmer-led charity, Meat the Need is calling for donations to enable it to supply more meals to families in need.
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
Horticulture NZ chief executive Nadine Tunley will step down in August.