Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Fonterra Revises Forecast Farmgate Milk Price For 2013/14

27 February 2014

Fonterra Revises Forecast Farmgate Milk Price For 2013/14 Season

Fonterra Co-operative Group Limited today lifted its forecast Farmgate Milk Price for the 2013/14 season by 35 cents to a record level of $8.65 per kgMS.

The increase – along with a previously announced estimated dividend of 10 cents per share –
amounts to a forecast Cash Payout of $8.75.

Chairman John Wilson said the higher forecast was good news for farmers, and for New Zealand.

“The increase reflects continuing strong demand for milk powders globally.

“Last December, the Board approved a forecast Farmgate Milk Price that was 70 cents per kgMS below the Farmgate Milk Price that had been calculated in accordance with the Milk Price Manual. 

“We are maintaining this position, with today’s forecast being 70 cents lower than the $9.35 Milk Price derived under the Milk Price Manual.

“The Board has the discretion to pay a lower Farmgate Milk Price than that specified under the Manual, if it is in the best interests of the Co-operative,” said Mr Wilson.

The Board has also approved an increase in the Advance Rate schedule of monthly payments to farmer shareholders.  Payments from March through to June will be 25 cents per kgMS higher than the previously published schedule.

“We will provide an update on business performance when we announce our Interim Result on 26 March,” said Mr Wilson.

Fonterra is required to consider its Farmgate Milk Price every quarter as a condition of the Dairy Industry Restructuring Act (DIRA). 

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: