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Fonterra has been on the road this week talking to farmers about the co-op's annual results and strategy.

Managing Director of Co-operative Affairs at Fonterra, Mike Cronin told The Country Early Edition's Rowena Duncum that despite it being a busy time of year, he was pleased to see a "really good turnout" so far.

Fonterra recognised the "frustration" farmers were feeling with the co-op's performance, but Cronin said he felt they were "supportive of the current direction".

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"I think they like where we're heading and they're eager to see that we get some better results really soon".

There was also a good reception to Fonterra's new "stripped down, back to basics" strategy said Cronin, with farmers asking "great questions".

Freshwater was another hot topic at the meetings with a lot of discussion around sustainability and competitive advantage said Cronin.

"On water we've supported the high level aspirations for good water quality, but you've got to make sure it's done in a good way because we want sustainable environments and sustainable farming to go hand in hand".