$8 final milk price likely
An $8/kgMS farm gate milk price is still on the cards with less than six weeks left to run this season.
Dairy prices continued to edge higher in last night’s Global Dairy Trade (GDT) auction with the aggregate price index up 0.4%.
However, there were mixed results for the individual products on offer.
Whole milk powder prices continued to edge lower, while butter prices were unchanged following their strong run over recent weeks.
Westpac analyst Anne Boniface says with just one more GDT auction before the 2018/19 season draws to a close at the end of May, the bank has “baked in the upside risk that we have been noting in recent weeks to our milk price forecast”.
It’s now forecasting a $6.50/kgMS milk price for the 2018/19 season (previously $6.40) which would be toward the upper end of Fonterra’s $6.30-6.60 forecast range.
Key Results
AMF index up 1.4%, average price US$6,217/MT
Butter index unchanged, average price US$5,486/MT
BMP index down 10.3%, average price US$3,242/MT
Ched index down 2.4%, average price US$4,217/MT
LAC index down 2.7%, average price US$887/MT
RenCas index up 3.1%, average price US$6,610/MT
SMP index up 2.8%, average price US$2,521/MT
SWP index not available, average price not available
WMP index down 0.5%, average price US$3,249/MT
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.
The Ministry for Primary Industries (MPI) has informed staff it will cut 391 jobs following a consultation period.
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