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Fonterra Announce Opening 2024/25 Season Forecast Milk Price

Fonterra this morning announced an opening 2024/25 season forecast Farmgate Milk Price of $7.25-8.75 per kgMS with a midpoint of $8.00 per kgMS.

Fonterra say Global Dairy Trade (GDT) prices have lifted over the past couple of months, back to levels seen around the start of the calendar year.

“Our current season forecast Farmgate Milk Price midpoint remains unchanged at $7.80 per kgMS and as we are nearing the end of the season, we have narrowed the range to $7.70-$7.90 per kgMS," says CEO Miles Hurrell.

“Looking to the 2024/25 season, milk supply and demand dynamics remain finely balanced and China import volumes have not yet recovered to historic levels,"

“Given the early point in the season, the uncertainty in the outlook and ongoing risk of volatility in global markets, we are starting the season with a cautious approach. Our opening forecast range is $7.25-$8.75 per kgMS with a midpoint of $8.00 per kgMS,” Hurrell says.

This morning's announcement also included Fonterra's Q3 business update, which revealed profit after tax from continuing operations’* of $1,013 million, up $20 million or equivalent to 61c per share.

Fonterra say this result is driven by continued strong earnings across all three of the Co-op's product channels.

CEO Miles Hurrell says the Co-op's Foodservice and Consumer channels in particular had a strong third quarter with a lift in earnings compared to the same time last year.

“As a result of this performance, we have lifted our forecast FY24 continuing operations’ earnings range to 60-70 cents per share, up from 50-65 cents per share” Hurrell says.

Image: Fonterra.

Public Interest Journalism funded through New Zealand On Air.


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