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ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
The Global Dairy Trade lift overnight of 2.6% is broadly in line with expectations, says ASB rural economist Nathan Guy.
The overnight lift was the third auction out of the last four to record a price lift.
However, by product the auction was more mixed relative to expectations, he says in his 'Quickview' outline.
"Key WMP prices rose bang in line with expectations, while the anticipated jump in SMP prices was absent (futures prices had hinted at a lift in excess of 5%). Instead, SMP prices actually fell 0.9%.
"Elsewhere, butter milk powder (up 16.2%) and anhydrous milk fat (up 4.9%) regained some of their recently lost ground. Butter prices posted a 3% increase, while casein (up 0.3%) also lifted marginally. Cheddar (down 0.8%) was the other main product we monitor to post a fall."
In terms of the price outlook, the auction result is somewhat moot given this was the smallest auction for the year, he says. ASB is sticking to its $3.90/kgMS forecast for 2015/16.
Attention now quickly turns to 2016/17. Fonterra provides its new season forecast next Thursday. And while we expect the milk price to ultimately end at $6/kgMS, Fonterra's starting point forecast for the season will be much lower.
China’s Ambassador Wang Xiaolong says bilateral economic and trade cooperation between China and New Zealand has made significant and rapid progress.
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.