Thursday , January 24 2019
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Agribusiness

NZ dollar gains as Fonterra offers farmer support, primps dividend while cutting forecast

The New Zealand dollar gained after Fonterra slashed its milk payout forecast as expected while offering interest-free loans and a slightly improved dividend to its farmers to soften the blow. The kiwi rose to 65.52 US cents as at 5pm in Wellington, from 65.43 cents before the Fonterra statement and from 65.42 cents late yesterday. The trade-weighted index advanced to 70 from 69.83. Fonterra cut …

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Fonterra slashes payout, farmers offered $430m cash advance

Fonterra  has slashed its farmgate milk price for the 2015/16 season by $1.40 to $3.85 per kilogram of milk solids but is supporting cooperative members with an additional 50 cents per shared-up kilogram of milksolids in the form of an interest-free loan. The initiative softens the blow for farmers, who’ve seen prices tumble from $8.40 pert kg/ms in 2014, but comes at …

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Commerce Commission follows through with price-fixing suit against Wrightson, Elders, others

The Commerce Commission has filed court proceedings against PGG Wrightson, Elders New Zealand and five individuals it claims fixed fees charged during the introduction of a national livestock tagging scheme. The regulator is in discussions with a third company, Rural Livestock. The commission alleges the companies and individuals breached the Commerce Act by establishing three pricing agreements prior to the NAIT Act coming into force …

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Drought, weak dairy prices hit NZX agri publications adverts

By Jonathan Underhill July 28 (BusinessDesk) – NZX, the stock market operator, said advertising in its portfolio of agricultural publications dropped 17 percent in the first half, reflecting the slump in dairy prices and the impact of drought. The company’s agricultural titles include New Zealand Farmers Weekly, the nation’s biggest newspaper for farmers, Country-Wide and New Zealand Dairy Exporter. Agricultural information accounted for …

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Lack of dairy regulation has insulated the economy from price shocks, says English

By Suze Metherell July 23 (BusinessDesk) – Light regulation in the New Zealand dairy industry has insulated the wider economy from the sharp decline in prices for the country’s largest export commodity, according to minister of finance Bill English. Prices for whole milk powder, the country’s key commodity export, have plunged this year and dropped an unexpectedly large 10.7 percent …

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Loss-making farmers can’t afford environmental mitigation, says Fed Farmers boss

Federated Farmers president William Rolleston says progress made in the last few years on farming’s environmental impact can’t be sustained when farmers are making a loss. Speaking to the Local Government New Zealand conference today, Rolleston says if agriculture is to continue its contribution to New Zealand’s economy, it has to address the issues of productivity and environmental impact. A …

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Alliance shareholders force a special meeting on benefits of industry amalgamation

Disgruntled Alliance Group shareholders have gathered sufficient support to force a special meeting to discuss the potential benefits and risks of a merger with fellow cooperative Silver Fern Farms. Balfour farmer Jeff Grant, who along with rural accountant and farmer, Gaye Cowie, have been gathering the required 5 percent of proxy forms needed to force the special meeting, say they …

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A2 says FY earnings flat, sees growth in 2016; pooh-poohs takeover bid

A2 Milk Co, which markets milk with a protein variant said to have health benefits, says annual earnings were flat and are set to triple in 2016 with sales expected to rise faster than forecast. Separately, the company has told its suitors to try again after an initial offer wasn’t compelling and drew out rival bidders. Earnings before interest, tax, …

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