Tuesday, 08 October 2024 09:55

Miraka lifts milk price

Written by Staff Reporters

font size decrease font size increase font size
Print
Email

Miraka chief executive Karl Gradon.

Taupo-based dairy company Miraka has lifted its forecast milk price for the season to $9.17/kgMS.

Miraka chief executive Karl Gradon says he expects the company's milk suppliers will be pleased with the strong 2024-25 season price update.

"Our farmers have experienced a difficult and challenging period, with lower commodities over time and higher operating expenses and interest rates.

"We're supporting them with a strong 2024/25 season forecast milk price."

Miraka's milk price is 17c above Fonterra's mid-point for the season.

Miraka's 2023-24 final milk payout is $8/kgMS. Fonterra's final Farmgate Milk Price for the 2023/24 season finished at $7.8/kgMS. This, combined with the 55 cents per share dividend, provides a total cash payout to a fully shared-up farmer of $8.38/kgMS. The dividend includes a special 15c return to farmers.

Fonterra Co-operative Council chair John Stevenson says the special dividend of 15 cents per share, on top of interim and final dividends totalling 40 cents per share, demonstrates the strength of Fonterra's balance sheet.

"In addition, the special dividend is a welcome acknowledgement of the tough times faced by shareholders in the relatively recent past when the returns from ownership were not adequate."

More like this

Fonterra launches $1500 on-farm funding for eligible farmers

Over 85% of Fonterra farmer suppliers will be eligible for customer funding up to $1,500 for solutions designed to drive on-farm efficiency gains and reduce emissions intensity.

Data sharing initiative wins national award for saving farmers time

The work Fonterra has done with Ballance Agri-Nutrients Ltd, LIC and Ravensdown to save farmers time through better data connections has been recognised with a national award.

Fonterra Whareroa sets cheese record, wins top award

Fonterra Whareroa wrapped up a successful season with a record-breaking cheese production volume and several gongs at the co-op's annual Best Site Cup awards.

Fonterra R&D: Innovation needs more than just PhDs

Common sense and good human judgement are still a key requirement for the super highly qualified staff working at one of New Zealand's largest and most important research facilities - Fonterra's R&D Centre at Palmerston North.

Matt Bolger returns to Fonterra to lead co-operative affairs division

Fonterra's co-op model and what it does for New Zealand has lured one of its bright stars back on board.

Featured

Conrad Smith: Farming and sport share similar demands

The challenges of high-performance sport and farming are not as dissimilar as they may first appear.

Horticulture hit badly in Nelson/Tasman

HortNZ's CEO, Kate Scott says they are starting to see the substantial cumulative effects on their members of the two disastrous flood events in the Nelson Tasman region.

Dr William Ferguson reflects on Kumeu’s transformation and rural general practice

In an ever-changing world, things never stay completely the same. Tropical jungles can turn into concrete ones criss-crossed by motorways, or shining cities collapse into ghost towns.

Labour warns against sacrificing productive farmland for housing expansion

Labour's agriculture spokesperson Jo Luxton says while New Zealand needs more housing, sacrificing our best farmland to get there is not the answer.

NZ arable farmers face global profitability pressures

Profitability issues facing arable farmers are the same across the world, says New Zealand's special agricultural trade envoy Hamish Marr.

Fonterra launches $1500 on-farm funding for eligible farmers

Over 85% of Fonterra farmer suppliers will be eligible for customer funding up to $1,500 for solutions designed to drive on-farm efficiency gains and reduce emissions intensity.