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Last Updated:
Nov 28, 2009 - 10:00:09 AM
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New Zealand's largest co-operative Fonterra has announced its opening prices for its Victorian and Tasmanian milk suppliers for 2007/08. Read the Fonterra news release.
Melbourne, June 28, 2007 Fonterra yesterday announced a record high on opening prices for its Victorian and Tasmanian milk suppliers for the 2007/08 period.
Fonterra's General Manager for Milk Supply in Australia, Mr Steve Nelson, said there had been a promising 40 per cent rise on last season's opening milk price.
"Strong demand in both international and local markets has allowed Fonterra to open strongly. This is very encouraging for the dairy industry and will assist farmers to recover from the financial impact of the drought," Mr Nelson said.
Fonterra also announced a step up for the 2006/07 season of 2 cents/kg fat and 4 cents/kg protein, which will be paid on July 15. This increase will be retrospective to the start of the season, July 1, 2006.
Mr Nelson said Fonterra was committed to paying its suppliers a highly competitive milk price and to working to provide cash to farmers as early in the season as possible.
"This commitment is reflected in the high opening price as well as some changes to the timing of payments in the 2007/08 season which will significantly benefit Fonterra suppliers." Mr Nelson said.
"While the industry is now talking about drought recovery, we are mindful of the impact of high feed costs and the uncertainty that still exists around water supplies for many farmers for several months to come, making our opening price high even more timely.
"We will continue to closely monitor market conditions during the season and set our step-ups accordingly as per foreign exchange and market conditions demand."
Fonterra has held meetings with suppliers in all regions over the last month and was pleased to be able to discuss the outlook on milk price and the benefits of rainfall through May and June.
"It has been good to hear farmers are encouraged by the good rains received in grain and hay growing regions. There are early indications of some downward pressure on grain prices which, although it is early days, is good news for all dairy farmers," Mr Nelson said.
"We are hopeful that improved seasonal conditions will allow all farmers to take full advantage of the strong milk price."
- Ends -
For more information contact:
Genevieve Mills
Fonterra Corporate Communications
Mobile: 0422 111 685
About Fonterra
Fonterra Co-operative Group Limited was formed in 2001 when New Zealand's two largest dairy co-operatives merged with the New Zealand Dairy Board - the former single desk seller. Today, Fonterra is a global dairy business. It is involved in the large-scale milk procurement, processing and management, with an efficient supply chain spanning more than 140 countries. It is New Zealand's largest company with NZ$11.8 billion in total assets, revenues of NZ$12.3 billion and over 18,000 people worldwide. In the 2005/06 financial year, Fonterra collected over 14 billion litres of milk globally and sold 2.4 million tonnes of dairy products. Every day, milk from Fonterra's 11,000 New Zealand shareholders, as well as dairy farmers in other parts of the world, such as Australia, Sri Lanka, Chile, Brazil, Argentina and the US, is collected and processed into dairy products that are marketed around the world.
Fonterra in Australia
Fonterra considers Australia to be part of its home market, and has operated businesses here since the 1960s. Today, Fonterra has world class manufacturing sites, strong domestic ingredients and consumer businesses, and export operations throughout Australia. In Australia, Fonterra has revenues of A$1.9 billion, processes 21 per cent of Australian milk and employs over 2,000 people. Fonterra has a supply and manufacturing footprint in Victoria, Tasmania, Western Australia and southern New South Wales. Many of its brands are household names in Australia, such as Bega, Brownes, Connoisseur, Mainland, Perfect Italiano and Western Star.
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© Copyright 2007 by Victoria Coop News
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