increase font size
Westland Milk farmer shareholders will be watching their spending very closely after the co-op slashed 60c off its 2014-15 forecast payout.
The country's number two dairy processor has announced a revised payout of $5.40/kgMS to $5.80/kgMS.
"Given Fonterra's hold on its benchmark payout forecast, this isn't exactly the best news to go into spring with," says Renee Rooney, Federated Farmers West Coast dairy chairperson.
"The fact the world produced seven billion litres of milk for export in the first half of 2014 isn't a secret and hasn't happened overnight, so this further revision is disappointing.
"It is going to mean some serious belt-tightening on the West Coast. Federated Farmers' Andrew Hoggard was prescient yesterday when he said for farmers to budget in the mid-five dollar payout range.
"The priority for our guys now is to redo budgets and cashflow. It means talking to your farm advisors and the bank to keep them fully in the loop; I'd run a 'no surprises' policy."
Farmers needing help are asked to contact the West Coast team at Federated Farmers or the Rural Support Trust on 0800 787 254.
"Given this is one hell of a drop in less than a month I think we need to ask if Westland had its glass over half full," says Rooney.
"Like anyone we don't like bad news but its better to get that news early than be led down the garden path.
"We are definitely going to be asking questions."
Academic Dr Mike Joy and his employer, Victoria University of Wellington have apologised for his comments suggesting that dairy industry CEOs should be hanged for contributing towards nitrate poisoning of waterways.
A comment by outspoken academic Dr Mike Joy suggesting that dairy industry leaders should be hanged for nitrate contamination of drinking/groundwater has enraged farmers.
Federated Farmers says the final report into banking competition is a significant step forward for rural New Zealand - and a vindication of the farming sector's concern.
Farmer lobby group Federated Farmers has announced it is supporting a new Member’s Bill which it says could bring clarity to New Zealand farmers and save millions in legal costs.
Federated Farmers says climate protest group Greenpeace is manufacturing outrage and attempting to scare New Zealanders with headlines that have no basis in science.
As an independent review of the National Pest Management Plan for TB finds the goal of complete eradication by 2055 is still valide, feedback is being sought on how to finish the job.
Beef + Lamb New Zealand has launched an AI-powered digital assistant to help farmers using the B+LNZ Knowledge Hub to create tailored answers and resources for their farming businesses.
A tiny organism from the arid mountains of mainland Greece is facilitating a new way of growing healthier animals on farms across New Zealand.
Alliance has announced a series of capital raise roadshow event, starting on 29 September in Tuatapere, Southland.
OPINION: Everyone wants to go to heaven, but nobody wants to die.
State farmer Pāmu (Landcorp) has announced a new equity partnership in an effort to support pathways to farm ownership for livestock farm operators.
