With the first anniversary of Trading Among Farmers (TAF)
approaching, Craigs Investment Partners broker Greg Easton
believes investors are well served taking a cautious approach
Fonterra has gone some way in reassuring the New Zealand
public and its many overseas clients it has taken seriously a
report released this week on its internal safety and
Fonterra says the potential contamination of 14 milk tankers
with mud and gravel is a "very minor incident" and its safety
systems worked as intended.
Exports leapt higher in September, led by a strong recovery
in dairy exports following trade disruptions in August caused
by the Fonterra contamination scandal.
Fonterra is spending $72 million at its Clandeboye mozzarella
plant to cater for a growing food service business.
French food giant Danone has confirmed it is seeking full
compensation from Fonterra for damage caused to its business
following the New Zealand dairy company's botulism scare.
Westland Milk Products has trumped Fonterra by announcing a
final payout of $6.34kg/ms before retentions for a ''tough''
Fonterra's forecast farmgate milk price, which rose a further
50c yesterday, could be revised higher still, Westpac's chief
economist Dominick Stephens said yesterday.
Fonterra will announce its full-year result on Wednesday.
Fonterra Co-operative Group has played down the implications
of the whey contamination scare as it pushes ahead with a
plan to double its milk production in China.
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