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."

LISTEN ABOVE

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

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

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/631c836a-7d5f-4827-b1be-b363005f6c77/transcript

Advertisement