Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Covid-related uncertainty continues to affect global dairy markets but strong demand from China is helping New Zealand farmers.
Fonterra chief executive Miles Hurrell says milk powders are proving resilient.
This allowed the co-op to recently increase the mid-point of the forecast farmgate milk price range to $6.80/kgMS.
“As it’s still relatively early in the season and we know a lot can change, we’ve still got a range of plus or minus 50 cents,” he told Fonterra’s annual meeting in Masterton today.
But there are some unknowns: how exchange rates will play out, milk supply from the EU and US and how Covid behaves globally.
Hurrell says obviously, the higher milk price puts extra pressure on Fonterra earnings but he says the co-op remains confident in its forecast earnings range is 20 – 35 cents per share.
“There are a few key assumptions that we’ve built into this forecast that are worth being aware of.
“The first is that we’ll see Asia and Greater China driving an improved trading performance as COVID-19 restrictions ease.
“The second assumption is that we’ll have lower financing costs and less significant one-off items, like impairments.
“And we are also assuming that we won’t see the same kind of price relativities between reference and non-reference products in Ingredients as we did in the second half of 2020 when the milk price softened.
“Whether or not these assumptions eventuate is not 100% certain.”
Hurrell says the co-op must stay on strategy, being agile and drawing on strengths across the supply chain to manage and adapt to changes around the globe.
Federated Farmers president Wayne Langford is claiming “some real success” on the 12 policy priorities it placed before the Coalition Government.
Federated Farmers is throwing its support behind the Fast-track Approvals Bill introduced by the Coalition Government to enable a fast-track decision-making process for infrastructure and development projects.
The latest report from ANZ isn’t good news for sheep farmers: lamb returns are forecast to remain low.
Divine table grapes that herald the start of a brand-new industry in Hawke’s Bay have been coming off vines in Maraekakaho.
In what appears to be a casualty of the downturn in the agricultural sector, a well-known machinery brand is now in the hands of liquidators and owing creditors $6.6 million.
One of New Zealand’s deepest breeder Jersey herds – known for its enduring connection through cattle with the UK’s longest reigning monarch, Queen Elizabeth II – will host its 75th anniversary celebration sale on-farm on April 22.