Fonterra announced an opening forecast Farmgate Milk Price for the 2021/22 season with a huge range of $7.25 – $8.75 per kgMS, a midpoint of $8 per kgMS. It narrowed its 2020/21 forecast Farmgate Milk Price range, which reduces the midpoint by 5 cents to $7.55 per kgMS, and reported a strong performance for the nine months ending 30 April 2021 in its business update.

For the nine months ending 30 April 2021, Fonterra delivered a normalised Net Profit After Tax of $587 million, up 61% year-on-year, reflecting the Co-op’s improving underlying business performance and stronger balance sheet. Group normalised Earnings Before Interest and Tax (normalised EBIT) was up 18% to $959 million, due to higher margins and reduced operating expenditure.