PGW revises earnings guidance as farmer spending drops
Rural trader PGG Wrightson has revised its operating earnings guidance, saying trading conditions have deteriorated since the last market update in February.
Primary Growth Partnership (PGP) funding was announced today to pay for half of a $14 million research programme to deliver better seeds and plant species for farmers.
Proprietary seed company PGG Wrightson Seeds is leading the programme, working with a number of research organisations.
The PGP is committing $7.15 million over six years for the programme worth $14.6 million in total.
MPI Director-General Wayne McNee announced the funding for the new Seed and Nutritional Technology Development programme.
"The Seed and Nutritional Technology Development programme works on many fronts to ensure farmers will have access to the best pasture and forage crop technologies," McNee says.
"We are pleased to see innovative approaches that will address current challenges such as improving feed conversion efficiency, as well as taking the opportunity to mitigate environmental challenges such as soil erosion and drought stress."
Dr Derek Woodfield, general manager – research and development of PGG Wrightson Seeds, welcomes the funding announcement and says: "The PGP funding will allow PGG Wrightson Seeds and its research partners to focus on delivering a suite of new technologies that will keep New Zealand farmers internationally competitive."
Primary Industries Minister David Carter has welcomed the successful PGP bid which lifts the total allocated to around $600 million.
"In just three years, the PGP programme has worked with industry to develop some of the most exciting primary sector research and innovation proposals New Zealand has ever seen," says Carter.
"Co-funding of these projects by government and industry is what PGP is all about – a joint commitment to growing our economy through greater investment in R&D."
The PGP programmes currently underway cover sectors including wool, red meat, dairy, seafood, manuka honey and forestry.
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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