Fonterra milk intake lifted 7.9% YOY in March with a hike in North Island intake making up for a dip in South Island collections, helped along by warmer temperatures and late February rains. North Island collections jumped 17.7% YOY for the month, taking the season to date 1.5% ahead of the prior year comparable. South Island intake dipped 1.7%, down 1.3% for the season to date. National milk production for the season was 0.4% ahead of the prior year at 1,345.8m kg of milksolids, with Fonterra forecasting full season intake of 1,535m kg of milksolids for 2020/21, up 0.7% on the 2019/2020 season (1,525m kg of milksolids).
Meanwhile, Fonterra released a statement earlier this morning announcing a trading halt of its shares on the NZX, ASX and Fonterra Shareholders’ Market, pending an announcement in relation to a comprehensive consultation process seeking shareholder feedback on options to change its capital structure. The announcement will be made on 6 May with the trading halt remaining in effect until the market opens 7 May.