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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 price index remained unchanged after last night's event – but key product, whole milk powder, was down 4.5%.
This is the second time in a row it has fallen, says ASB's chief economist Nick Tuffley.
"NZ dairy production held up surprisingly well at the end of last season. But, looking ahead, the relatively weak opening forecast from Fonterra for this season is likely to prompt a more material fall in NZ production this season.
"Dairy production is also likely to fall in other important production markets.
"Australian farmers have been abruptly hit by a farm-gate milk price cut. Argentinian production is also expected to fall. In Europe we expect reality to increasingly sink in after the initial post-quota surge in production there last year.
"Consequently, we continue to expect global dairy prices to track higher over the next year."
The key results were:
AMF index up 4.4%, average price US$3,619/MT
Butter index up 5.3%, average price US$2,910/MT
BMP index down 6.6%, average price US$1,695/MT
Ched index up 6.9%, average price US$2,882/MT
LAC index up 0.6%, average price US$754/MT
RenCas index down 0.4%, average price US$5,116/MT
SMP index up 1.5%, average price US$1,901/MT
WMP index down 4.5%, average price US$2,118/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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