Fonterra CEO Miles Hurrell said varied weather and challenging growing conditions across many parts of the country earlier in the season saw actual milk collections down on the same time last year.
“We were expecting conditions to improve over the Christmas-New Year period, but this has not eventuated,” Hurrell said.
“As a result, we have revised our 2021/22 forecast down 1.6% to 1,500m kgMS.”
In response to the lower milk supply, Hurrell said at this stage no change is needed to the volume of product the coop is offering on the Global Dairy Trade (GDT) platform.
“Due to the high demand for off-GDT sales, we had already reduced the volume we were offering on the GDT platform earlier in the season.
“We will continue to monitor the situation and carefully manage our sales both on and off-GDT.”