Fonterra Co-operative Group Limited today 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 says 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, Mr Hurrell says at this stage no change is needed to the volume of product the Co-op is offering on the Global Dairy Trade (GDT) platform.
"Due to the high demand for off-GDT sales, we had already reduced the volume we were offering on the GDT platform earlier in the season.
"We will continue to monitor the situation and carefully manage our sales both on and off-GDT."
For further information contact: Fonterra Communications
Phone: +64 21 507 072
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Fonterra Co-operative Group Limited published this content on 11 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2022 22:17:11 UTC.
Fonterra Co-operative Group Limited is a New Zealand-based dairy co-operative company. The Company is primarily involved in the collection, manufacture and sale of milk and milk-derived products through its ingredients, consumer, and foodservice channels. It operates through three segments: Global Markets, Greater China, and Group Operations. The Global Markets segment represents the global ingredients, foodservice and consumer channels outside of Greater China. The Greater China segment represents the ingredients, foodservice and consumer channels in Greater China. The Group Operations segment represents the business activities from collecting and processing New Zealand milk, through to selling products to its customer-facing regional business units, Global Markets and Greater China. Its channel of branded consumer products includes powders, yoghurts, milk, butter, and cheese. The Companyâs brands include Anchor, Anmum, Anlene, and Chesdale, among others.