Bank helps clients reduce emissions
Rabobank says climate change creates both risks and opportunities for the bank and its clients and that the food and agriculture sector needs to recognise the potential for both.
Dairy prices softened slightly again at last week’s Global Dairy Trade Event but results were again mixed, says Rabobank dairy analyst Emma Higgins.
Before the auction the prices had been expected to fall.
The average sale-price index was down by 1.2% (to an average sale price of US$3481/tonne) and follows a fall at the previous event.
The whole milk powder (WMP) index was down 1%, average price US$3189/t, while the butter index was up 0.8%, average price US$5611/t.
“Fonterra had lifted its offer volumes of skim milk powder (SMP) ahead of this event with an extra 200t on offer, and volumes increased over the next 12 months by 6000t.
“Both SMP and WMP prices eased slightly. Butter prices held steady but Oceania prices continue to trade at a discount to European wholesale prices, meanwhile cheddar prices saw the largest declines -- falling 3.6%.
“This is a quiet period with New Zealand milk production largely on hold until August, so another muted auction event is not unusual for this time of year.”
NZ milk production numbers for May 2018 were released last week.
The data confirmed a strong finish to the season with 6.2% growth year-on-year in volume (up 5.7% in May on a milk solids basis) versus the prior year.
“This brings the 2017-18 season into line with the prior year: production is up 0.1% [in tonnes, but on a milk solids basis full-season production is down 0.6%],” says Higgins.
ASB’s senior rural economist Nathan Penny says they suspect the price weakness was driven by a late season rally in production and a stronger US dollar. The US dollar index lifted about 1% since the last auction, making dairy more expensive in most buyers’ local currency terms.
ASB is maintaining its 2018-19 milk price forecast at $6.50/kgMS.
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.
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