GLOBAL – Tough market conditions are prompting cooperatives to offer financial support to members, with Fonterra and Glanbia given as notable examples by UK market analysts.
Last week's Fonterra initiative announced details of an income support load to provide farmers an extra 50c/kilo of Milk Solids on top of the forecast price.
The Agricultural and Horticulture Development Board has explained that this means NZ$3.85 or 12 pence per litre on top of next season’s forecast price.
This will cost an expected $800 million across the whole season.
Irish processor Glanbia has provided a “top-up” price for suppliers of Glanbia Ingredients Ireland, meaning an extra 1.5 cents per litre for July milk.
TheCattleSite News Desk
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