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.
Fonterra is being tipped to raise its forecast payout for the 2013-14 season.
Westpac economist Nathan Penny says 2013-14 is shaping up as a bumper dairy season.
"World prices remain very high, while growing conditions have been generally very good since the drought broke. The icing on the cake is a lower currency," he says.
The bank has raised its forecast to $7.40/kgMS, from $6.50/kgMS. It expects Fonterra to follow suit. Fonterra's board meets on Wednesday.
Penny says Fonterra may even go north of its $7.40/kgMS forecast. He also expects the co-op to update its production outlook.
"We predict a rebound in production from drought of around 5% on last year's level, while Fonterra has previously signalled production growth of 2%," he says.
Penny is surprised global dairy prices have stayed at very high levels.
"To be frank, we are surprised by that. This time three months ago, we expected world prices would be around 7% lower by the end of July.
"Tight world supply has contributed to the buoyant prices. However, we doubt that the market has gotten its head around prospects for growth in New Zealand production this season. We predict a rebound in production from drought of around 5% on last year's level. Fonterra has previously signalled production growth of 2% - any lingering difference in production outlooks, following Fonterra's update next week, may explain much of any difference in milk price forecasts."
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Trade Minister Todd McClay says New Zealand has no intention of backing down in a trade dispute with Canada over dairy products.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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