A fall of 3.4% in the overall GDT Event price index last week was the fourth consecutive fall and prices are now at eight-month lows.
He says these new technology will redefine farm efficiency in the years ahead.
“While diary and other commodity markets remain changeable, a higher payout provides an opportunity for our dairy farming customers to pay down some of the debt they’ve built up, and to reinvest in their businesses,” Hiddleston said.
“We are seeing the next agricultural revolution where technology and innovation will drive improvements in farm productivity, efficiency, while reducing environmental impact.”
“National Fieldays, supported by ANZ will be “an unrivalled opportunity” for dairy businesses to check out the latest innovation and thinking, he adds.
Research by ANZ rural economist Con Williams into some of the apps and technology aimed at improving the bottom line for agri-businesses shows real growth in tech adoption across the sector.
“There are a whole range of benefits, but essentially it’s about the ease of doing business, being more efficient and productive, making better decisions, mitigating risks, meeting compliance requirements and improving the bottom-line,” Williams said.
Despite a challenging global backdrop he believes the outlook for New Zealand agri-businesses is positive.
“The operating environment looks positive for the key livestock sectors. We are most cautious on beef, with a large supply increase anticipated from the US and Brazil. For dairy, current market indicators suggest a high-$5/kgMS to high-$6/kgMS range for the milk price,” he said.
“The main horticulture sectors had challenging growing and harvesting conditions this year, impacting on the overall quality of crops. That said, decent prices are still expected, supporting overall revenue.”
ANZ’s long-term association with Fieldays reflects the bank’s commitment to the New Zealand agriculture sector.
“We are proud to get behind Fieldays and are committed to being part of the solution that addresses New Zealand’s industry challenges and creates a brighter future for our agri-sector,” Hiddleston said.