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Fonterra announces step-up

Fonterra Australia has announced a step-up of 8¢/kg of butterfat and 20¢/kg of protein for the 2013-14 season for suppliers in Victoria and Tasmania, bringing its current, average farm gate price to $6.80/kg of milk solids (kg/MS).

May 27, 2014 3:30am

Fonterra Australia has announced a step-up of 8¢/kg of butterfat and 20¢/kg of protein for the 2013-14 season for suppliers in Victoria and Tasmania, bringing its current, average farm gate price to $6.80/kg of milk solids (kg/MS).

The step-up is Fonterra Australia’s sixth step-up for the current season and brings the company’s current, average farm gate milk price into the lower end of its forecast average closing price range for the 2013-14 season of $6.80-$7kg/MS.

Managing director Judith Swales said the step-up continued the company’s price leadership for the season.

‘‘While commodity prices are coming off record highs due to increased global production, international demand is still strong and prices are above long-term averages,’’ Ms Swales said.

‘‘We remain focused on meeting our international and domestic customers’ demand in full and on time. How we execute against this will be the basis of any further announcements this season.’’

Ms Swales said in the next few weeks Fonterra would be launching more initiatives for suppliers and farmers.

Bonlac Supply Company chairman Tony Marwood said Fonterra Australia was not only leading the industry with services like SupportCrew, but also keeping up its leadership on price.

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