Fonterra appoints new CFO
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
Fonterra has announced that it will reduce its 2023/24 season forecast Farmgate Milk Price range.
The cooperative says the range will reduce from $7.25 - $8.75/kgMS to $6.25 - $7.75/kgMS, which means the midpoint will drop from $8.00/kgMS to $7.00/kgMS.
The announcement comes after the whole milk powder (WMP) price tumbled 7.29% on the Global Dairy Trade (GDT) auction platform earlier this week, taking WMP prices to their lowest level since early 2019.
Fonterra chief executive Miles Hurrell says the revised price range reflects ongoing reduced import demand for whole milk powder from Greater China.
“When we announced our opening 2023/24 season forecast Farmgate Milk Price in May, we noted it reflected an expectation that China’s import demand for whole milk powder would lift over the medium-term,” says Hurrell.
He says that, since then, overall GDT whole milk powder WMP prices have fallen 12%, with China’s share of WMP volumes on GDT events tracking below-average levels.
“This reflects a current surplus of fresh milk in China, resulting in elevated levels of local production of whole milk powder, and reducing near-term whole milk powder import requirements.
“The medium to long term outlook for dairy, in particular New Zealand dairy, looks positive with milk production from key exporting regions flat compared to last year,” says Hurrell.
Solar generation company, Lodestone Energy is now delivering energy from its second solar farm, Rangitaiki in the Bay of Plenty.
Commercial fruit and vegetable growers are being urged to their say in the upcoming levy referendum to enable Horticulture New Zealand (HortNZ) to continue its work for the sector.
James and Debbie Stewart from Dairylands in Manawatu impressed judges and took out the 2024 Fonterra Responsible Dairying Award.
Manawatu farmers Will Hinton and Kali Rangiawha have scooped the 2024 New Zealand Share Farmers of the Year.
More bull breeders are using genetic tools according to the latest research.
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.