Fonterra appoints new CFO
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
Fonterra's peak milk collection has taken a hit from the prolonged wet weather hitting North Island production.
Last year the co-op hit the milk peak on October 22, collecting 87 million litres. As Dairy News went to print last Thursday the co-op was expecting a much lower peak this season.
Fonterra chairman John Wilson says the weather over the North Island “has absolutely taken the top of our peak this year”.
“I feel for our people -- the farmers, sharemilkers and farm workers… they are dealing with really tough conditions.
“Rain is good, it makes grass grow, but it makes farming very hard work; some farms are literally under water and it’s knocking production around.”
Fonterra is expected this week to announce its peak production figures, highlighting the impact of bad weather.
The co-op’s Global Dairy Update reported late last month that milk collection for all New Zealand reached 96 million kgMS in August, 5% lower than August last season. For the three months to August 31 milk collection reached 122 million kgMS, 4% behind the same period last season.
The North Island milk collection in August reached 71 million kgMS, 6% behind August last season. South Island milk collection in August reached 25 million kgMS, 1% behind August last season.
Wilson says milk production in key world dairying regions has dropped. Global dairy prices have moved up and down after a series of solid rises, he says.
While markets are consolidating, volatility remains the norm.“Volatility is never going to leave this market; what we are seeing is the market continuing to come into balance.”
Global dairy prices rose slightly in last week’s Global Dairy Trade (GDT) auction. The flagship whole milk powder price index was up 2.9%, to US$2760/tonne.
The GDT price index rose 1.4% at the latest auction, following a 3% cent dip in the previous auction which ended a run of price increases. WMP prices had dipped 3.8% in the previous auction.
Analysts say the latest price rise could be attributed to supply concerns about NZ.
More bull breeders are using genetic tools according to the latest research.
Females are dominating the veterinary profession worldwide and many farmers are welcoming this change in the composition of the profession, says Britain's Chief Veterinary Officer (CVO) Professor Christine Middlemiss.
A five-year randomised survey of herbicide resistance on New Zealand arable farms has found widespread high levels of resistance - with 71% of farms affected in the worst-hit region - South Canterbury.
OPINION: The recent Federated Farmers / Rabobank 2024 Farming Salaries Report revealed strong growth in farm salaries over the past two years.
The low unemployment environment is one of the key factors driving on-farm salaries higher over the past 24 months, says Rabobank general manager for country banking Bruce Weir.
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
OPINION: Canterbury milk processor Synlait is showing no sign of bouncing back from its financial doldrums.
OPINION: It seems every bugger in this country can get an award these days.