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ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
ASB still expects dairy auction prices to rise over the season despite the GlobalDairyTrade price index falling 7.4% at the auction overnight.
It follows a 3.1% fall at the previous auction. But ASB rural economist Nathan Penny says they are sticking with their $5/kgMS milk price forecast.
"With September NZ production confirmed as weak, fundamentally we'd expect prices to hold their level or increase at this juncture," says Penny.
"While overall prices are still 46.3% higher than the August trough, nonetheless prices have fallen over two auctions."
"We interpret this contradiction as markets overdoing the recent surge in prices. Potentially buyers expect that demand is subdued enough and/or inventories are high enough to cover the production falls (in the absence of other producers picking up NZ's slack). However at this juncture, we disagree."
Key results from last night's auction were:
AMF index down 5.7%, average price US$3,647/MT; Butter index down 5.6%, average price US$2,574/MT; BMP index down 9.4%, average price US$1,844/MT; Ched index down 4.6%, average price US$2,987/MT; LAC index not available, average price not available; RenCas index down 11.2%, average price US$5,469/MT; SMP index down 8.0%, average price US$2,018/MT;
WMP index down 8.0%, average price US$2,453/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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