At that stage the scale of the losses the dairy giant was due to report later in the year – $605m – was widely known but Rivers was at pains to point out there would be no fire sale of its assets.
Just how much of the turnaround in its fortunes has resulted from the sale of businesses such as DFE Pharma or Tip Top is unknown. The annual results later in the year might shed light on that question.
Meantime, farmers won’t be too unhappy over the announcement today of Fonterra’s third quarter performance. Unlike last year it will pay a dividend and the milk price is relatively buoyant.
Most concerns will surround the forecast farmgate milk price range of $5.40/kg MS to $6.90/kg MS for the coming season, which will prove challenging for farmers’ budgeting skills.
Fonterra delivers positive third quarter
Despite covid-19 Fonterra has posted an across-the-board improved performance for nine months. However, analysts caution the fourth-quarter earnings might suffer from the global economic downturn.
Moving Day takes shape
About 5000 dairy farm households could be on the move this season as sharemilkers shift to new locations. The uncertainty over coronavirus has made the event more stressful than usual.
Aquifer recharge project gets funding
The Provincial Growth Fund has invested $950,000 in Mid Canterbury’s managed aquifer recharge scheme, now in its fourth year of trials. All up, the project is expected to cost $11m, almost all of it coming from farmers.
Bull sales hold up
Agents, sellers and buyers are upbeat about the prospects for bull sales this winter and have shown themselves to be adept at switching to online dealing. Some agents report the new way of doing things actually enhances the process.
Nutrient budget time saver
Arable farmers will be able to cut up to 50% of the time they take to collate crop input data such as drilling, fertiliser, harvest dates and yields by using the integrated farm-recording package ProductionWise and Overseer.
Tonight on Sarah's Country
7.10 pm – The increased uncertainty we face in the coming season has contributed to a 2020-21 forecast farmgate milk price range of $5.40 to $6.90/kg MS. Fonterra has reported a profit of $815 million before tax in the nine months to April 30. We will break down this week’s GDT and financial results with Rabobank dairy analyst Michael Harvey.
7.20 pm – Next Tuesday is a special edition of Sarah’s Country. Sarah will be joined by comedians Te Radar, Paul Ego, Gary McCormick and Justine Smith with a live, online comedy event drought shout brought together by Ballance. Ballance regional sales manager Hayden Eade will join Sarah to talk about the online event.
7.30 pm – With the delayed opening weekend of duck shooting this weekend we are joined by Fish and Game councillor Richard McIntyre to discuss the future of Fish and Game. With his Federated Farmers hat we will also discuss the new contract agreements ahead of Moving Day.
7.40 pm – How are we placed to deploy Kiwis into work in the primary sector? Sarah will be joined by Primary ITO chief executive Nigel Philpott to discuss the state of agriculture’s vocational opportunities.
