Unlike some other exporters, Fonterra’s scheduling, logistics and delivery activities to all markets are largely operating as normal, the cooperative says.
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Fonterra is remaining confident in its forecast farmgate milk price range of $7- $7.60/kgMS.

This is despite the disruption to shipping and supply chains in China caused by the coronavirus update.

“We are keeping a close eye on the situation as it develops,” a spokesperson told Rural News.

“At this time of the year, a high percentage of our FY(full year)20 supply is already contracted. Our sales teams are working with our customers to understand how coronavirus is impacting their businesses, which will give us an idea of how it may impact ours.

“We remain confident in our forecast farmgate milk price range of $7- $7.60/kgMS, and we have no reason to revise our earnings guidance of 15-25c per share.”

As U.S. President Joe Biden’s administration seeks to revive its ambitious social spending and climate plan in Congress, environmental groups and the farm industry are at odds over proposed subsidies aimed at offsetting agriculture’s substantial contribution to global warming.

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