Bank's desire to be part of the solution
ASB says the decision to sign on to the AgriZeroNZ joint venture came out of a wish to be a part of the solution.
The GlobalDairyTrade price index remained unchanged after last night's event – but key product, whole milk powder, was down 4.5%.
This is the second time in a row it has fallen, says ASB's chief economist Nick Tuffley.
"NZ dairy production held up surprisingly well at the end of last season. But, looking ahead, the relatively weak opening forecast from Fonterra for this season is likely to prompt a more material fall in NZ production this season.
"Dairy production is also likely to fall in other important production markets.
"Australian farmers have been abruptly hit by a farm-gate milk price cut. Argentinian production is also expected to fall. In Europe we expect reality to increasingly sink in after the initial post-quota surge in production there last year.
"Consequently, we continue to expect global dairy prices to track higher over the next year."
The key results were:
AMF index up 4.4%, average price US$3,619/MT
Butter index up 5.3%, average price US$2,910/MT
BMP index down 6.6%, average price US$1,695/MT
Ched index up 6.9%, average price US$2,882/MT
LAC index up 0.6%, average price US$754/MT
RenCas index down 0.4%, average price US$5,116/MT
SMP index up 1.5%, average price US$1,901/MT
WMP index down 4.5%, average price US$2,118/MT
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.
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