Miles Hurrell: Fonterra CEO on the increase in dairy export demand due to the conflict in the Red Sea
The Mike Hosking Breakfast · Newstalk ZB
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Show Notes
Conflict in the Red Sea is playing into Kiwi dairy farmers' back pockets.
Yemen's Houthi rebels have been targeting ships travelling through the Suez Canal, meaning freight's being rerouted around the Cape of Good Hope in Africa.
Fonterra Chief Executive Miles Hurrell says it's causing a rise in demand for our dairy exports from Africa and the Middle East.
He told Mike Hosking that it's made up for China's slowdown, and has seen their forecast Farmgate Milk Price rise to a midpoint of $7.80 per kilo of milk solids.
Hurrell says it helps us in the Middle East in particular, as we head straight up there and don't have to go through the Suez.
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