Just two days after announcing its minimum price, Fonterra Australia was forced to increase the weighted average opening from AU$6.06/kgMS to AU$6.40/kgMS.
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Milking It

The move brings it into line with competitors Bega Cheese and Saputo Dairy Australia and is a new minimum rather than a step-up, locking in the price under the mandatory code.

Fonterra says it had kept in line with industry convention to open at a price lower than the full-year forecast, with the understanding that step-ups would be paid throughout the season where the market supports it.

But this wasn’t a step-up. Clearly the co-op’s suppliers expressed their unhappiness with the original opening price and Fonterra had to act fast.

The co-op is continuing to lose market share in the Australian raw milk market.

A former Fonterra consultant and a molecular biologist have teamed up to create lab-grown milk proteins without the need for a cow.

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