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Dairy Farmers Need Performance

Dairy Farmers Need Performance

Monday 2 Sep 2002

Dairy farmers can expect a further reduction in the forecasted milk payout price, ACT Rural Affairs Spokesman Gerry Eckhoff said today.

"A drop in price from $3,70 to $3.40 is widely anticipated, placing increased pressure on Fonterra's board, and especially its executive.

"It is very difficult to predict the future for any commodity but the $3.70 announcement is thought to be based on 45 cents to the US dollars. A one cent rise in the New Zealand dollar equates to a ten cent fall in the payout farmers can expect.

"More than ever, the prosperity of New Zealand is linked very closely with the fortunes of New Zealand's biggest company. Fonterra must succeed.

"I urge dairy farmers, despite their very heavy workload, to keep in close contact with the shareholder's council. Farmers want performance from Craig Norgate and his team, not just accountability," Mr Eckhoff said.


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