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ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
The Global Dairy Trade price index was up 6.6% overnight, with the all-important whole milk powder up 9.9%.
Key Results:
AMF index up 4.7%, average price US$3,797/MT
Butter index up 6.6%, average price US$2,871/MT
BMP index up 7.7%, average price US$1,661/MT
Ched index down 0.8%, average price US$2,889/MT
LAC index up 3.7%, average price US$741/MT
RenCas index up 16.3%, average price US$6,161/MT
SMP index up 2.1%, average price US$1,965/MT
WMP index up 9.9%, average price US$2,265/MT
ASB rural economist Nathan Penny says the overall result was stronger than their expectations heading in; they expected WMP prices to lift by between 5% and 7%.
The bounce was also broad-based. On top of the WMP increase, casein prices surged 16%, while butter and BMP rose 7% and 8%, respectively. Only cheddar prices recorded a fall.
"From here, we expect rapidly tightening global supply to lift prices further over 2016," he says.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Horticulture NZ chief executive Nadine Tunley will step down in August.