Feds make case for rural bank lending probe
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 trend for business transactions to be done online is accelerating and it’s no different in farming,” Feds chief executive Graham Smith says.
“Farmers are up against adverse weather, roller-coaster financial and export market trading conditions, and waves of new regulations. Every dollar counts and StockX delivers a digital platform that gives farmers more flexibility,” he adds.
Smith says Federated Farmers is improving its own digital set-up and is pleased to partner with StockX.
Since StockX launched about a year ago at least 1500 farmers nationwide have registered to trade livestock. It’s free to register and list livestock for sale or purchase. The only cost is 2.5% commission on sales.
Its digital platform enables farmers to extend their sale or purchasing reach beyond their own district and pay lower commissions and fees.
North Canterbury farmer Dan Hodgen says he had heard StockX is “straightforward to use and provides a level of security without an over-the-top cost”.
Hodgen, Feds meat & fibre spokesman for North Canterbury, says he learned about this when drought forced him to look to the North Island to sell his lambs.
He was told there was no demand, but StockX enabled him to test that for himself.
“You’re chasing best value and the biggest thing is that it opens more doors. You’re accessing a wider market than perhaps your agent wants to deal with.”
StockX managing director Jason Roebuck says linking with Federated Farmers is fantastic.
