Fonterra's CEO says cheaper butter prices could be on the horizon. 

The dairy co-op's announced a 13 percent rise in annual operating profit and a record-high final milk payout of $10.16 per kg.

Chief Executive Miles Hurrell says it's a great result for farmers. 

He says the price of wholesale butter globally has fallen 15 percent in the past two months.

"At some point, that'll flow through to the supermarkets - I suspect that they'll set their own prices, but that should flow through and give it an element of relief."

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Fonterra's CEO says cheaper butter prices could be on the horizon.&nbsp;
The dairy co-op's announced a 13 percent rise in annual operating profit and a record-high final milk payout of $10.16 per kg.
Chief Executive Miles Hurrell says it's a great result for farmers.&nbsp;
He says the price of wholesale butter globally has fallen 15 percent in the past two months.
"At some point, that'll flow through to the supermarkets - I suspect that they'll set their own prices, but that should flow through and give it an element of relief."
LISTEN ABOVE

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Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Miles Hurrell: Fonterra CEO reveals how strong result could lead to lower butter prices

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/5a20d873-c00b-4ea7-a0d0-b363005f6d7b/transcript