Returns lift, costs down - DairyNZ
The outlook for dairy farmers this season has improved, especially when compared to forecasts only six months ago, according to DairyNZ.
Dairy prices have risen for the fourth consecutive auction in last night’s GlobalDairyTrade event.
New Zealand's major export commodity, whole milk powder, received a boost of 5.2%, sending it to US$3233/metric tonne. Since early March, WMP prices have gained 16%.
The overall GDT price index was up 3.6% over the previous auction.
According to MyFarm Investment’s the recent rise came against market expectations.
“Flooding following Cyclone Cook and Cyclone Debbie pushed dairy prices up at the last auction, but commentators who were watching the futures market had predicted prices would flatline at this week's event.
“Prices are now at their highest level this year - after rises of 1.7% on March 21, 1.6% on April 4 and 3.1% on April 18.
“There was a 5.2% increase in whole milk powder (WMP) prices to US$3233 (NZ$4670) a metric tonne. There’s widespread agreement that recent market prices support the forecast final payout of $6/kgMS.”
Full results
AMF index up 4.7%, average price US$6,185/MT
Butter index up 1.1%, average price US$4,911/MT
BMP index up 21.8%, average price US$1,859/MT
Ched index up 4.6%, average price US$3,666/MT
LAC index up 1.1%, average price US$941/MT
RenCas index up 10.4%, average price US$6,775/MT
SMP index down 0.9%, average price US$1,982/MT
WMP index up 5.2%, average price US$3,233/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.
OPINION: Scientists claim to have found a new way to make a substitute for cow's milk that could have a…
OPINION: The Irish have come up with a novel way to measure cow belching, which is said to account for…