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Fonterra’s farmgate milk price forecast for financial 2023 has been set at a mid-point of $NZ9 a kilo, or a range of $NZ8.25 a kilo to $NZ9.75 a kilo. At the mid-point it represents a slight decrease on financial 2022, but at the top-end of the range it could exceed this year’s prices.
The co-op also confirmed its financial 2022 pricing expectations of $NZ9.10 a kilo to $NZ9.50 a kilo, which would be “the highest forecast milk price in the co-op’s history” based on the mid-point price of $NZ9.30 a kilo. “On the supply side, growth from key milk producing regions is expected to remain constrained as high feed, fertiliser, and energy costs continue to impact production volumes,” said chief executive Miles Hurrell.
Fonterra’s nine-month volumes were lower due to decreased milk collection and the spillover of Ukraine, Sri Lanka’s currency collapse, and China’s lockdown issues which all leaned on demand. Group earnings fell $NZ134 million to $NZ825 million on a normalised measure, and net profit was down $NZ131 million to $NZ472 million. Earnings from China fell 17 per cent to $NZ317 million and the ongoing toll of lockdowns will show-up in the co-op’s fourth quarter results.
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