The tough New Zealand dollar has pushed Fonterra to grasp its prediction payout for the 2010/11 season at $6.60 a kg of milk solids as the elevated kiwi handles the effect of rigid commodity costs.
Fonterra chairman Sir Henry van der Heyden expressed that there dairy market costs were gripping it nicely than initially thought, guiding the board to consider an rise in the forecast milk price.
Kraft Foods Incorporated has declared that its current quarterly revenue is below their expectations and much weaker than what they had forecasted. The primary reason for this dip in revenue is the fall in sales. In fact, sales have fallen considerably after the raised the costs of consumer products in order to match the hike in the price of ingredients which ultimately led to a rise in the total cost of production.
All milk powder auction cost increased by the initial time in 6 week as per the Fonterra Cooperative Group Ltd., the largest global dairy exporter.
Powder for January release increased by 0.9 % from 2 weeks prior, as stated by the trade-weighted price index evaluated by the firm after its most recent Global Dairy Trade auction. The standard cost increased to $3,516 a ton, and is the uppermost for the spot agreement since Oct. 6.
After many of the investors had lost hope on the case, the Serious Fraud Office has recently said that it still investigating on the further clues in the land transactions involving Chinese-backed company Natural Dairy.
It is to be mentioned here that Natural Dairy is further looking to buy close to $200 million worth of dairy farms from the receivers of the Crafar family group of companies.
It has been learned that the dairy major, Fonterra may take a u-turn as far as the application for discharging the waste water into the Mangatainoka River is concerned.
It is to be mentioned here that the application was first lodged close to years back but the company has now said that after the consultation with the community, it is of view that it is better to look at other options for now.
One of the biggest names in the Diary industry in the country, Fonterra has now set its plans to set up close to 20 dairy farms in China and it is expected that the New Zealand largest company in the industry will be making a lot of buzz in the times to come. It is to be mentioned here that the company has recently signed an agreement last week to establish a second farm nearby