Rural round-up

April 30, 2019

Rural-urban divide highlighted in major new study on rural communities

New research from a major study looking at resilience in New Zealand rural communities has highlighted a disconnect between urban and rural areas.

Heartland Strong is anchored by a ten-year study led by AgResearch senior social scientist Dr Margaret Brown and involving a team from PricewaterhouseCoopers New Zealand.

It looked at levels of resilience in rural communities, and what that meant for their future.

The book’s team of 14 writers found great examples of resilience and ways in which it was built by different communities.

However the research also found that New Zealand has a disconnect between urban and rural. . .

Is reducing cow numbers the answer? – Peter Burke:

he argument over whether New Zealand has too many cows is a regional issue, not a national issue, according to Ministry of Primary Industries’ chief science advisor, John Roche.

Speaking to Dairy News at the recent Agricultural Climate Change conference in Palmerston North, Roche stated that it’s too emotive to talk in general terms of there being too many cows in NZ. He says all regions are different and it’s a case of decisions being made at that level rather than taking the blanket view that NZ has more cows than it can effectively run.

But Roche says that he has concern about the cost of marginal milk. . . 

Does NZ win or lose as world agriculture gets remade for a planet of 10b? – John McCrone:

Scary things are coming down the road for New Zealand’s food industry. Like Glyph “molecular” whiskey.

Raymond McCauley, chair of biotechnology at Silicon Valley’s Singularity University, already has his audience at Grow 2019 – a ministry-backed futurist conference – gripped by what is brewing elsewhere.

World agriculture is about to be remade, he warns. It is the Green Revolution 2.0 – cracking the problem of how to feed a planet that is going to be home to about 10 billion people by 2050 without completely trashing it in the process. . . 

Doing more with our milk – Hugh Stringleman:

In the never-ending debate about Fonterra’s follies and future, adding value is the constant theme.

The co-operative claims it now adds value (over the prices of standard dairy commodities) to 45% of external sales by volume, thus earning more than half of total revenue from such goods.

The added-value split is about one quarter each in consumer-ready products and food service products and half in advanced ingredients, which have added functionalities.

The external sales volume is more than 22 billion litres . . 

Still on the go with harness horses at 87 – Sally Rae:

Myrtle McCarthy describes herself as “a tiny cog” in the harness racing industry.

Yet the 87-year-old North Otago standardbred breeder is nothing short of remarkable as she continues a multi-generational family involvement.

Today, Mrs McCarthy will offer two yearling fillies at the All Aged Sale in Christchurch.

She has been breeding horses for about 40 years, since her father gave her a mare called Gypsys Chance.

The Dalgety name is synonymous with harness racing; her late father James (Jim) Dalgety operated the Belmedia stud near Kakanui and had many good horses. . . 

Graduation a celebration of achievement:

Honorary doctorates for Synlait co-founder John Penno and naturalist Hugh Wilson will be among nearly 600 awards presented at the 2019 Lincoln University Graduation on May 3.

The ceremonies will also feature posthumous awards to two victims of the Christchurch terror attacks, as well as a student who died in an accident last year.

Acting Vice-Chancellor, Professor Bruce McKenzie said the graduation was a celebration of students’ hard work and achievements, and that included the posthumous awards.

“This occasion, while recognising the tragic circumstances surrounding the loss of those graduates is also about acknowledging their efforts and their time here, as well as the students who were their peers.” . . 


Rural round-up

October 20, 2017

Growing a better world together:

Rabobank is proud to announce Kickstart Food: a three-year programme to kick-start the transition to a more sustainable food and agricultural sector.

With our knowledge, networks and financial solutions, over the next three years we will intensify our efforts to help our clients and partners develop and scale innovations across the food value chain: from farm to fork.

Together we will change the way we grow, distribute and eat our food in order to nourish everyone while respecting planetary boundaries and allowing agricultural businesses to make a decent living.

Food & agriculture sector under pressure
The world’s population is growing. Rapidly. By 2050 we will have two billion more mouths to feed. And because we are living longer and getting wealthier each of us will want and need more to eat. A lot more. . .

Synlait’s Best Practice Dairy Farming Programme Endorsed By Regional Council:

Synlait Milk’s  Lead With Pride™ programme is the first independent programme in the New Zealand agricultural industry to become an approved audit management system.

Lead With Pride™ is the first of its kind in Australasia, and encourages best practice dairy farming.

“It is our flagship programme. It puts into action the things that really matter to us by partnering with our milk suppliers to use best practice to look after animals, protect the environment and care for people on farm. Of course it also focuses on food safety and the quality of the milk our suppliers produce,” says John Penno, Synlait’s Managing Director and CEO. . .

Enhancing the ecology priority for generations of Kilmog farming family – Sally Rae:

Generations of the Scott family, from Waikouaiti, have invested heavily in preserving and enhancing the ecology of their land.
But as Nick and Steph Scott see it, they are no different from most farmers in New Zealand.

‘‘We run a land-based business that needs to generate an economic return but, at the same time, we are aware of our environmental responsibilities and have a genuine attachment to the land that, in my view, is far greater than that of many of our urban counterparts,’’ Mr Scott said . .

Zespri lifts forecast for 2018 tray returns, boosts SunGold licence allocations:

Zespri Group, the country’s statutory kiwifruit exporter, raised its forecast for tray returns across all varieties in the 2018 financial year and is accelerating licensing for its SunGold fruit on growing demand for the sweeter variety.

The Mount Manganui-based company forecasts total fruit and service payment to be $1.39 billion in the year ending March 31, up from a previous forecast of $1.34b, with the board signing off on higher returns to growers, it said in a statement.

Zespri paid $1.39b to growers in 2017 due to a steep increase in supply. . . 

Dairy analyst thriving on challenges of the job – Sally Rae:

In a nutshell, Emma Higgins describes her job as a communicator of dairy information.

Ms Higgins is a dairy analyst for Rabobank, a role she described as being ‘‘absolutely fantastic’’.

Originally from a small sheep and beef property near Nelson, she studied law at Canterbury University, convinced she was going to be a lawyer . . 

Fear can never feed the world – Rob Fraley:

In 1934, a college student in Minnesota was studying for finals when his throat started to hurt. Then he developed a high fever. When it became hard to even swallow, he went to the hospital and received a devastating diagnosis: strep throat.

At that time, there was no treatment. The hospital intern was so sure the boy would die that he asked if he could cut out his lymph nodes for a research project – in front of the patient!

Fortunately, the patient pulled through, escaping the horrific strep-induced death that his wrestling teammate experienced shortly after he recovered.

So what does this story have to do with agriculture? . .


Rural round-up

May 30, 2017

Engaging Farmers in Fresh Water Management:

Speech to Local Government New Zealand Fresh Water Forum

Dr William Rolleston, President, Federated Farmers of New Zealand

Mayor Lawrence Yule, LGNZ President, Mayors, distinguished guests Ladies and Gentlemen

Thank you for the opportunity to speak to you today.

Less than 3% of the water on this planet is fresh water and of that only 1/3 is directly available for human use. – . . 

Synlait Forecast Milk Price $6.50 kgMS Next Season:

Synlait Milk’s  forecast milk price for the 2017 / 2018 season is $6.50 kgMS, in response to increasing confidence that dairy commodity prices are stabilising.

Managing Director and CEO, John Penno, says Synlait is feeling positive about the current market, and the forecast milk price reflects that.

“We start the season with some confidence that supply and demand are more balanced, and this forecast reflects an expectation of dairy prices remaining at current levels,” says Dr. Penno. . . 

Synlait Purchases the New Zealand Dairy Company:

Synlait Milk has today announced it has purchased 100% of the shares of The New Zealand Dairy Company (NZDC).

NZDC is based in Auckland, and is currently constructing a blending and canning operation at a site in Mangere. This site will now be owned by Synlait.

The facility will be infant formula capable, and will enable Synlait to substantially lift its blending and canning capacity. The acquisition will also provide Synlait with a high specification sachet packaging line suitable for infant formula and milk powders. . .

Synlait purchases strategic blending and canning assets:

Synlait’s announcement today of the purchase of apparently distressed assets from the New Zealand Dairy Company puts another peg in the board strengthening Synlait’s pathway towards an integrated dairy value-chain. The purchase has relevance both to Synlait and its strategic partner The a2 Milk Company (ATM in New Zealand; A2M in Australia). The unstated key driver is exponential growth of demand for ‘a2 Platinum’ infant formula.

The purchase cost of the assets is $33.2 million with additional expected costs of $23.3 million to make the plant operational by October 2017.

There should be no surprise that Synlait has purchased blending and canning assets to complement its existing similar assets at Dunsandel in Canterbury. . . 

The manuka honey fight is one we have to have – William van Caenegem:

The current row about the certification of Manuka honey, and whether it is a distinctly New Zealand product, is just the latest dispute involving Geographical Indications (GIs). These are markers that products have special qualities due to their origins in a specific region, like Champagne. The Conversation

There is a debate as to whether a registered GI system for food should be adopted in Australia. It might be good for our farmers – to more effectively protect King Island Beef, Bangalow pork or Tasmanian lobster against low quality imitations. But would it be in the best interest of Australian producers and consumers to simply capitulate to demands about New Zealand Manuka, or about GIs in general?

Why GIS?

Registering a GI can stop imitators riding on the coattails of local producers who have worked hard to build the reputation of their typical local product, be it cheese, processed meat or quality fruit. . . 

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The horrible truth behind marshmallow ranches. Now that they are fat from grazing all summer, they will be slaughtered to make smaller ones, bagged and sold in stores. Some are cut up and held over a fire while still alive! Stop the Madness! remember that golden brown is the only humane  way. – Proud to Be A Farmer

 


Rural round-up

March 17, 2016

It’s cyclic – ‘We will survive’  – Dirk Sieling:

Dairy economist Peter Fraser cannot go unchallenged. The anti-Fonterra and dairying bias he showed during his time at the Ministry for Primary Industries continues unabated.

His simple tactic of building a case on an unsubstantiated or false premise is typical of the misguided notions that often end up in the public domain.

In his March 7 article, he quotes data from the Reserve Bank showing that dairy farmers are borrowing about $3.5 billion per year “just to stay afloat”. This is just a nonsense.

Dairy farmers may well be borrowing that amount on average over time, but it is more often than not to buy another farm, build a new cowshed or convert drystock land to dairying.

But on the premise that it is “just to stay afloat”, he builds a scenario of lots of farmers going broke and collapsing land prices, all in a downward spiral. . . 

From a farming MP to her province – Barbara Kuriger:

The dairy industry is once again headlining news this week. I acknowledge this is a tough time for farmers. You and I as farmers know that the dairy pay-out is volatile; it rises and it dips and as a result of this, it has evolved as one of the most financially enduring industries in the agricultural sector. Falling dairy prices means it may be a tight year for many, and budgets are being adapted to counter this.

There has been much emotive talk by opposition about how our Government is ‘failing the dairy industry’, because they can’t actively step into this situation and raise the dairy pay out back to $8 kilogram MS. But the Government does have in progress three incredibly gutsy pieces of legislation that will assist the dairy industry, for which the benefits to dairy are widely unreported.  . . 

Dairy farmers forget past lessons – Mark Lister:

Milk is a cyclical commodity, and prices have been low before.

he long-term outlook for the dairy sector is strong, but the immediate future is highly concerning. Global prices are down 12 per cent this year and about a third lower than a year ago.

Against that backdrop, it was unsurprising to see Fonterra reduce its milk payout forecast to $3.90 per kg of milksolids this week. Adding in the dividend from Fonterra, the total payout will be about $4.25.

This is the lowest payout since 2006/07, and with a break-even price of about $5.30, the majority of farmers will suffer a second year of operating losses. . . 

Controlling dairy farm cost of production – Keith Woodford:

The key dairy priority at the moment, which stands above all else, is to minimise the number of New Zealand dairy farmers who will succumb to the current downturn. In particular, we all need to try and limit the damage to the latest generation of younger farmers who are often the most indebted.

It is all about getting the cost of production under control.

I have previously written about survival strategies and the need for each farm and farmer to chart his or her own path. I have also tried to caution against panicking and making big system changes when in a crisis. More particularly, I have tried to emphasise that hungry cows always kick their owners in the back pocket. Also, I regularly try and remind people that cost of production has both a numerator (which is cost) and a denominator (which is production). . . 

Irrigation funding boost for Wairarapa, Hawke’s Bay and Gisborne:

Primary Industries Minister Nathan Guy has welcomed three new investments totalling $1.6 million into irrigation projects coming from the Ministry for Primary Industries’ Irrigation Acceleration Fund (IAF).

The three irrigation projects receiving funding are in the Wairarapa ($804,000), Hawke’s Bay ($575,000), and Gisborne ($250,000).

“This funding helps support the development of irrigation proposals to the stage where they are investment ready,” says Mr Guy.  . . 

Funding for irrigation unlocks potential:

Irrigation New Zealand applauds the latest announcement by Government sighting three more grants by the Irrigation Acceleration Fund – $804,000 for the Wairarapa Water Use Project, $575,000 for Ruataniwha (Hawke’s Bay) and $250,000 for Gisborne’s Managed Aquifer Recharge Trial.

“It’s great to see the Irrigation Acceleration Fund delivering on what it was set up to do – supporting the potential for irrigated agriculture to contribute to New Zealand’s sustainable economic growth,” says Irrigation New Zealand chairwoman Nicky Hyslop. . . .

Research to set NZ sheep milk apart:

New Zealand’s sheep milk industry is set to benefit from ground-breaking research by AgResearch.

Two hundred people are attending the second Sheep Milk NZ industry conference, being held in Palmerston North this week (14th-15th March). The first conference last year attracted 160 people, with the rise reflecting the increased interest in the industry.

AgResearch scientists presented the initial results from two years of research from the $6 million MBIE-funded programme “Boosting exports of the emerging dairy sheep industry”, ranging from composition of New Zealand sheep milk through to best practice effluent management. . . 

Industry looks beyond radiata:

Future generations of New Zealanders may live in a patchwork landscape where several different forest species compete on the hills for growing space with the familiar Pinus radiata.

“Radiata is a great multi-purpose tree that grows well in many places. But it is not perfect for all growing situations or market needs. And there are obvious risks in having all our eggs in one species basket,” says Forest Owners Association research and development manager Russell Dale.

“We are therefore thrilled as an industry that the government is joining us in the Specialty Woods Products Research Partnership. This is a major programme that will investigate new products and markets for alternative species and build the confidence of forest growers in planting those species that show promise.” . . 

Fonterra’s Anmum Formula Hits Nz Shelves:

Fonterra’s internationally established infant nutrition brand Anmum is now available to New Zealand families.

Fonterra Brands New Zealand Managing Director Leon Clement says Anmum is a $200 million brand in Fonterra’s Asian markets with an established track record of quality and trust with parents.

“Anmum draws on Fonterra and its legacy companies’ 50 plus years of experience in dairy research and in producing paediatric formulas for third parties. Bringing Anmum to New Zealand families means we are now providing nutrition for key life stages,” he says. . . 

Growth Attracts 28 New Canterbury Milk Suppliers:

Synlait now has 201 milk suppliers for 2016 / 2017 to meet forecast growth in their value-added nutritional product business.

John Penno, Managing Director and CEO, said a combination of increased customer demand for nutritional products – such as a2 Platimum® Infant Formula – and increased production capacity with a new large scale spray dryer has created an opportunity for Canterbury dairy farmers to supply Synlait.

“We’ve had a very positive response to this opportunity, to the extent we have not been able to accept supply from everyone interested and we now have a waiting list,” said Mr Penno. . . 


Rural round-up

February 16, 2016

Surviving the dairy downturn – Keith Woodford:

In recent weeks the short term dairy outlook has turned from bad to awful. Fonterra’s recently revised milksolids price estimate of $4.15 for the current 1015/16 season has already been overtaken by events, and is once again looking decidedly optimistic.

I now see a figure of about $3.90 as being more likely, but still with plus or minus 40c around that. Even more important, no longer can we ignore the likelihood that dairy prices are going to stay low for at least the first half of the 2016/17 dairy season, and possibly for all of that season.

Most but not all of the farmers I have contact with are going to come through relatively unscathed. But that is not the case for those who have both high costs of production and high debt. We are now facing a situation which New Zealand farmers have not faced since the 1980s. . . 

Broker warns average dairy farmer may lose $140k this season – Edwin Mitson:

(BusinessDesk) – Financial broker OMF is warning the average New Zealand dairy farmer is likely to lose $140,760 this season, with next year looking just as grim.

In its monthly New Zealand dairy report OMF suggests there is a further risk that Fonterra Cooperative Group could lower payouts again, pointing to a potential milk price of $3.89 per kilogram of milk solids. Fonterra lowered prices on Jan. 28 to $4.15/kgMS. OMF estimates the current cost of production is $5.31/kgMS.

OMF said dairy farmers are likely to face a third season of weak prices, with many becoming increasingly reliant on credit lines and vulnerable to a shift in banks’ willingness to “extend and pretend” loans are going to be repaid. DairyNZ estimates 85 percent of dairy farmers will make a loss this season compared to 49 percent last season. . . 

Seafood exports reach $1.63 billion:

New Zealand seafood exports reached a record high of $1.63 billion last year, up over 6 per cent on 2014.

The growth was most pronounced in the final two months of the year, says Chief Executive Tim Pankhurst.

Up to the end of October export growth was tracking at about 3 per cent but increased demand in November and December pushed the growth to over 20 per cent for those two months and lifted total growth for the year to 6.6 per cent. . . 

Ex-deer farmers drawn back by strong returns:

Deer farmers who left the industry for brighter pastures in dairy are being drawn back by strong returns for venison and velvet, a south Canterbury deer farmer says.

Kris Orange farms 1600 weaner deer on 260 hectares in Geraldine, South Canterbury and 1000 hinds on a farm at Dunback, Otago.

He said venison prices were up more than $1 on last year’s returns, sitting at about $7.20kg, with expectations of strong growth in the next five to 10 years. . . 

Four finalists named for IrrigationNZ’s Innovation Award:

For the second time – IrrigationNZ has shortlisted four finalists for its ‘Innovation in Irrigation Award’ sponsored by Aqualinc – which will be presented at the organisation’s biennial conference in early April.

New technologies, products, practices or community collaborations that reflect innovation within the irrigation sector are the focus of the award, which is only presented every second year.

IrrigationNZ CEO Andrew Curtis says the external judging panel had struggled to keep the shortlist to the normal three, so four finalists have been chosen this year. . . 

Beef + Lamb New Zealand making global connections:

Beef + Lamb New Zealand teamed up with Le Cordon Bleu New Zealand Institute (LCBNZ) recently to host six chefs from China – winners of the global “Chef par Excellence” culinary competition.

The institute and Sealord New Zealand were the main sponsors and Beef + Lamb New Zealand (B+LNZ) was invited to arrange a day’s activity for the chefs.

B+LNZ General Manager Market Development Nick Beeby says the opportunity was too good to pass up, particularly given the group’s influential travel members. . . 

SealesWinslow mills receive quality stamp:

SealesWinslow has attained FeedSafeNZ accreditation across all of its mills, recognising the high quality of the animal feed products they make.

FeedSafeNZ is a quality stamp from the New Zealand Feed Manufacturers Association (NZFMA) for manufacturers and blenders, designed to enhance the quality assurance of stockfeed. . . 

Synlait Strengthens Senior Team to Drive Value Growth And Business Performance:

Three new senior management positions will add business development and process improvement capability to Synlait’s Senior Leadership Team.

Managing Director and CEO John Penno said the decision follows an assessment of business areas that require additional focus to ensure the company continues to deliver against its growth aspirations.

“Building our business development capability will significantly improve our ability to take advantage of emerging opportunities that will accelerate our growth,” said Mr Penno. . . 

 


Rural round-up

June 1, 2015

Fonterra signals major shake-up – Neal Wallace:

Fonterra has signaled the possibility of a major shake-up throughout its operations entailing job losses from senior management down.

Fonterra has signaled the possibility of a major shake-up throughout its operations entailing job losses from senior management down.

It today confirmed it had launched an in-depth review of its business, when questioned by the New Zealand Farmers Weekly. . .

 Synlait’s tough road to riches – Neal Wallace:

Potential riches bypassing Synlait became apparent a year after the Canterbury company opened its milk drying plant.

Customers were buying powder to make their own infant formula and while Synlait had plans to eventually enter the added-value game, such was the demand for its powder and rate of international growth in formula, a strategy rethink was required, managing director John Penno said.

“It gave us an insight to the demand. We saw growth, we saw the market and we saw why they were coming to Synlait.” . . .

 The great Kiwi earthworm survey:

AgResearch scientists want farmer help to better understand the distribution of one of the little known heroes of New Zealand agricultural production.

Earthworms play a vital role in the soil by decomposing organic matter, making nutrients available to plants and creating burrows in the soil to improve the movement of air and water. Studies have shown the introduction of surface-active earthworms improves annual pasture growth significantly as well as boosting environmental performance and extending the growing season. . .

Doors open at training farm:

Waipaoa Station Training Trust is holding an open day on June 6 and 7 as part of its selection of cadets for 2016.

The two-year cadet training scheme is based at Waipaoa Station, a commercial sheep and beef farm 70km from Gisborne.

Each year five new cadets are selected, to learn practical skills and sit in classroom lectures. The cadets live on the station. . .

New Zealand ‘brand’ not being seen:

Many overseas consumers are unaware their food originates in New Zealand, undermining attempts to promote our “clean and green” and premium brand image, a new study finds.

It shows there are significant opportunities for New Zealand premium consumer food and beverage products in overseas markets but we are missing out because we are not communicating to consumers.

“Maximising Export Returns; Communicating New Zealand’s credence attributes to international consumers”, by Lincoln University Agribusiness and Food Marketing Programme Director Nic Lees andAgribusiness and Economics Research Unit director Professor Caroline Saunders, finds having a visible label and a good relationship with industry buyers could improve the situation. . .

Growing knowledge through collaboration:

A collaborative workshop to help food producers gain specialist knowledge and skills was held at Lincoln University 27 May.

Entitled “Growing You”, it is part of a series covering topics such as sustainable weed management and sustainable pest and disease management, and was a joint effort of the University, MG Marketing, and the Lincoln-based Biological Husbandry Unit (BHU) and Bio-Protection Research Centre (BPRC).

MG Marketing is a co-operative organisation with over 90 years of growing, distributing and selling fresh vegetables and fruit. . .

 TB rate collection to continue one more year:

Waikato Regional Council has today agreed to continue collecting the rate for the national bovine tuberculosis (TB) programme, but at a reduced amount of $500,000.

Only ratepayers with properties two hectares or greater in area will pay this rate, which will be 23 per cent less than in 2014/15.

In making its decision during the first day of 2015-2025 Long Term Plan deliberations, the council made it clear 2015/16 would be the last year it would collect the rate. . .


Fonterra holds forecast payout drops dividend UPDATE – Synlait increases forecast

March 25, 2015

Fonterra is maintaining its forecast milk payout for the current season but is dropping the proposed dividend.

In a newsletter to shareholders, chair John Wilson said:

  • We are holding the forecast Farmgate Milk Price at $4.70 per kgMS.
  • However, we are lowering our forecast dividend to 20-30 cents per share, resulting in a forecast Cash Payout of $4.90 – $5.00.
  • The Board has declared a 10 cent interim dividend to be paid on April 20 (the record date is April 10).
  • The half-year results will be below your expectations, in a period when the Milk Price is low and the forecast dividend range is being reduced.
  • The results are due to tough conditions in dairy globally, with volatility in production and pricing, and further impacts of inventory valuation realities after our record Milk Price last year. . .

 

  • In summary, the results:
    • Forecast Cash Payout for the 2014/15 season, maintained at $4.90 – $5.00
      • Forecast Farmgate Milk Price $4.70 per kgMS
      • Estimated full year dividend of 20-30 cents per share
    • Revenue $9.7 billion, down 14 per cent
    • Normalised EBIT $376 million, down 7 per cent
    • Net profit after tax (NPAT) $183 million, down 16 per cent
    • Interim dividend of 10 cents per share.

Farmers will be relieved the milk payout is not being reduced.

UPDATE:

Synlait has increased its forecast milk price.

Synlait Milk has increased its forecast of the market milk price for the FY2015 season from $4.40 per kgMS to a range of $4.50 – $4.70 per kgMS.

“The market has recovered faster than expected, but recent volatility has shown us it still remains fragile,” said John Penno, Managing Director.

Mr Penno also acknowledged how financially difficult the current season is for suppliers and says this increased forecast market milk price range will be well received.

“Cash flows are incredibly important for our suppliers, particularly as they head into winter. We indicated in February that our next update would be in May, but given current market conditions, I’m pleased we can provide one now”.

Mr Penno added that this update will enable Synlait suppliers to manage their finances with more certainty and a corresponding increase in advance rates will further support this.

“We believe the market will continue to recover in the medium term as consumption expands and production growth slows in response to lower pricing. However, we remain mindful of the additional milk growth likely to come from Europe as milk production quotas are removed on April 1”.

“We will continue to keep an eye on the market and expect to update our forecast market milk price towards the end of May 2015”.

 


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