Some pockets of price improvements
Farmgate dairy and beef prices are improving but lamb prices remain weak, according to the latest BNZ Rural Wrap.
The US currency will determine how the milk payout plays out, says BNZ senior economist Doug Steel.
He told Rural News that, in some ways, the recent GDT price strength looks like catch up due to the recent declines in the US dollar.
A lower US dollar tends to lift product prices that are denominated in that currency.
“Of course, the flipside of a lower US dollar is a higher NZ dollar, while a higher NZ dollar – in itself – tends to put downward pressure on milk price, it very much needs to be seen in the context of product price movements in offshore markets.
“These things do not move in isolation. It is the balance that matters.”
Steel points out that it was no coincidence that the 2013-14 record $8.40 milk price was paid when the NZD/USD was above 0.80.
“That said, a higher NZD/USD will limit the upside to domestic milk prices, but likely more so for next season than the current one.”
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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