increase font size
Fonterra chief executive Miles Hurrell.
Fonterra is sticking to its forecast farmgate milk price range at $7-$7.60/kgMS despite the global uncertainty around coronavirus.
The co-op is also maintaining its forecast full-year underlying earnings guidance of 15-25 cents/share.
But the co-op has revised its forecast milk collections for the 2020 season: down from 1,530 million kgMS to 1,515 million kgMS due to poor weather conditions.
Fonterra chief executive Miles Hurrell says the co-op remains confident despite current market conditions as a result of coronavirus.
“The momentum we saw in the first three months of the financial year has continued, and as we approach the interim results our underlying earnings are tracking well. However, given the potential significant risks that could arise from coronavirus in the second half, we are taking a prudent approach and maintaining our full-year forecast earnings range.
“The current situation is very fluid and uncertain. However, we have already contracted a high percentage of our 2020 financial year’s milk supply and this is helping us manage the impact of coronavirus.
“Our Greater China team are working hard to keep our operations running as smoothly as possible. Without them this would not have been possible and I want to thank them for their efforts.
“There has been a slow-down in processing of containers at ports and we are managing the flow of our product into China carefully to avoid congestion. Currently, our product is continuing to be cleared by customs and quarantine officials.
“We will provide a further update on the impact of coronavirus on our business when we announce our interim result on 18 March.”
Commenting on the co-op’s milk collections forecast, Hurrell says they are due to be down because of the weather conditions across several parts of New Zealand.
“We have recently seen a reduction in milk collections and our farmers are facing ongoing challenging weather. We’ll continue to work with them to ensure that if they need extra support that they are able to access it.”
One of the country's leading experts on China has praised the NZ Government for its handling of the recent incident with China over that country's cyber attack on two of our parliamentary institutions in 2021.
Hopes of NZ sheepmeat prices picking up anytime soon in the country's key export market of China looks highly unlikely.
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Zespri has unveiled the award-winning KiwiBrothersTM mascots in China for the first time to market its large kiwifruit crop.
Japanese consumers pay a premium for food that contains ingredients that support health.
Third-year student Cady Burns has won the Waikato Regional Council Prize in Water Science for 2024.
The Rural Change programme, providing free private mental health professional sessions to the rural industry, is set to continue its next chapter within Rural Support Trust from 1 July 2024.
Beef + Lamb New Zealand chief executive Sam McIvor will step down in July.
A new report shows farm employers across the dairy, sheep and beef, and arable sectors have continued to invest strongly in one of their greatest assets – their staff.
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
