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Fonterra revises milk collection forecast

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Fonterra Co-operative Group Limited have this week revised the forecast for its 2021/22 New Zealand milk collections.

The forecast is now 1500 million kilograms of milk solids (kgMS), down from its opening forecast of 1525 million kgMS.

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, Hurrell says at this stage no change is needed to the volume of product the Co-op is offering on the Global Dairy Trade 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.”

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