Fonterra step-up

“Globally, commodities have softened in the past month, and at home, domestic market demand remains flat.

“Despite this, currency exchange remains favourable for Australian dairy, and we continue to leverage the strength of our manufacturing network and sales channels to deliver value by adapting to market opportunities,” Mr Breckenridge said.

“Our milk collections have exceeded early season forecasts thanks to improving climatic conditions, which has been encouraging to see.

“We also recognise the financial impacts of last year are still being felt on farm, and recovery takes time,” Mr Breckenridge said.