Plant-based bubble bursts
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Fonterra's new-season forecast farmgate milk price is "conservative" but the co-op expects the market to rebalance within 6-12 months, says Fonterra chairman John Wilson.
Fonterra has announced an opening forecast farmgate milk price of $4.25/kgMS for the 2016/17 season, an increase of 35 cents on the forecast for the current season.
The Global Dairy Trade lift overnight of 2.6% is broadly in line with expectations, says ASB rural economist Nathan Guy.
Today's announcement of a further 25c drop in the current season forecast farmgate milk price is a "bitter pill" for farmers to swallow, says Fonterra Shareholders' Council chairman Duncan Coull.
Fonterra has maintained its milk volume forecast for the 2015-16 season at 1,589m kgMS, about 2-3% lower than the amount collected last season.
Fonterra has maintained its milk volume forecast for the 2015-16 season at 1,589m kgMS, about 2-3% lower than the amount collected last season.
Zespri is forecasting its revenue from fruit and service payments will be up $155.8 million on last year.
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