Compensation is being sought for the sudden price reduction and claw back announced on 5 May 2016 when Fonterra unilaterally reduced the milk prices for some farmers by around 70%. The conduct contributed to a crisis in the Australian Dairy industry, and caused “substantial detriment to dairy farm businesses” according to the Australian Competition and Consumer Commission (ACCC).
The case filed yesterday is for dairy farmers who Fonterra purchased milk from in 2015/2016. It will be run by lawfirms Adley Burstyner and Harwood Andrews, a 175 year old firm with strong rural and regional presence. The case will utilise information generated by the ACCC investigations.
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Fonterra would have difficulty getting a bid past first base as the ACCC would be looking at the overlap in milk collection area, causing competition issues for farmers looking to place their milk.
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"World prices move very, very quickly when supply and demand is relatively balanced."
Reports from China show Beingmate suffered a string of financial losses and faces accusations of alleged milk powder tampering.
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ABS analysis and State Library of Vic records show deregulation and supermarket discounting have shattered a century of stable milk pricing.
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Farmer Power president Chris Gleeson said the group would also call for a community boycott of $1-a-litre milk and wanted to run an advertising campaign countering the supermarkets’ price wars
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While the extent of the transfer is not known, and is between several processors, many say it is the biggest in a decade and warn there is only limited capacity to move.
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“I’m fascinated and interested to see where the inquiry has landed,” United Dairyfarmers of Victoria president Adam Jenkins said.
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It is a disgusting consequence of Murray Goulburn’s behaviour that means some neighbours will feel pitted against each other
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The code sets out clear guidelines regarding pricing structures, loyalty payments and dispute resolution and will cover most of the milk produced in Australia.
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In a cruel twist, the young farmer would get her first solo lesson in the difficulties of running the business on the same day her father died.
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‘‘Fonterra wants to give the appearance that they are offering a more attractive price than any of the other processors at $5.70/kg MS, but it’s simply not true and Fonterra and BSC need to make that clear.
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For the dairy industry ABARES has estimated milk production to rise by 4 per cent to 9.25 billion litres in 2017-18 in response to “farmgate milk prices and lower input prices”.
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The Weekly Times asked some major southern processors about prices for the coming season. An interesting read!
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The Gouldings are now calling on Fonterra to lose their ‘good news’ PR spin and be honest with their suppliers, especially concerning opening prices
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THE dairy industry is bracing for a major wave of change as farmers gear up to swap processors in their chase for better farmgate milk prices.
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New Zealand dairy group Fonterra will spend NZD$20 million ($14.2 million) in expanding its Te Rapa factory to meet growing demand for butter and cream cheese in Asia.
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MURRAY Goulburn’s opening price of $4.70 a kilogram of milk solids for its southern suppliers next season has been met with shock and anger by dairy farmers.
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Poor business acumen and extreme mismanagement by the board was behind Murray Goulburn’s decision, while Fonterra did the same thing in a year it went on to post an $800 million profit – making the demands for cash a bitter pill for producers to swallow.
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