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ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
The GlobalDairyTrade Event 173 concluded with the GDT Price Index down 3% over night.
“In view of the recent price surge, it is not surprising dairy markets wanted to catch their breath. WMP prices, for example, had spiked 35% over August and September,” says ASB senior rural economist Nathan Penny.
Whole milk powder (WMP) and skim milk powder (SMP) prices dipped 3.8% and 3.9%, respectively.
“The result was a touch weaker than expectations heading in. Futures market pricing hinted at a WMP fall in the 0% to 2% range prior to the auction.
“The price dip was broad-based, with seven out of eight products on offer recording price falls. Only butter milk powder recorded a rise (up 9.3%).
“From here, we expect prices to track largely sideways over coming auctions as markets wait for further confirmation of weakening NZ production.”
Key Results
AMF index down 1.0%, average price US$4,954/MT
Butter index down 0.3%, average price US$3,891/MT
BMP index up 9.3%, average price US$2,408/MT
Ched index down 2.3%, average price US$3,430/MT
LAC index down 9.7%, average price US$744/MT
RenCas index down 3.7%, average price US$6,574/MT
SMP index down 3.9%, average price US$2,209/MT
WMP index down 3.8%, average price US$2,681/MT
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
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