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Increased forecast milk price, a positive for farmers, NZ

MEDIA RELEASE

27 August 2013

Dear Sir or Madam,

Increased forecast milk price, a positive for dairy farmers and all of New Zealand: Brown

All of New Zealand will benefit from today’s announced 30 cent increase in the Forecast Farmgate Milk said Fonterra Shareholders’ Council Chairman, Ian Brown.

The Fonterra Board of Directors today announced a revised Farmgate Milk Price forecast of $7.80 per kg/MS for the 2013/14 season, a 30 cent increase, keeping the advance rate at $ 5.50 and the previously estimated dividend at 32 cents per share.

Ian Brown: “This result shows the strength of demand on the international market for dairy products and the benefits will flow through New Zealand from farmers increased ability to spend on the inputs required to operate our dairy farms.

“This is further positive news for farmers as most farmers are still working through the residual effects of last season’s drought and is very welcome.

“As always, given the volatility of the market, I urge Farmers to continue to show prudence in their financial planning.”

ENDS

ABOUT THE FONTERRA SHAREHOLDERS’ COUNCIL

The Fonterra Shareholders’ Council represents the interests of Fonterra Farmers to the Board of the Co-operative and plays an active role in monitoring and assessing the governance and performance of Fonterra. There are 35 Councillors who are all Shareholders elected by their fellow Farmers in wards across New Zealand.

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