Fonterra revises milk forecast
Fonterra CEO Miles Hurrell
Fonterra Co-operative Group revised the forecast for its 2021/22 New Zealand milk collections to 1,500 million kilograms of milk solids (kgMS), down from its opening forecast of 1,525 million kgMS.
Fonterra CEO Miles Hurrell, said varied weather and challenging growing conditions across many parts of the country earlier in the season saw actual milk collections down on the same time last year. “We were expecting conditions to improve over the Christmas-New Year period, but this has not eventuated. As a result, we have revised our 2021/22 forecast down 1.6% to 1,500 million kgMS.”
In response to the lower milk supply, Hurrell said at this stage no change is needed to the volume of product the co-op is offering on the Global Dairy Trade (GDT) platform, as it had already reduced the volumes due to high demand for off-GDT sales.