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ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
Milk production is continuing to boom.
According to ASB Commodities Weekly report, last month milk solid production was up a whopping 7.7% on January 2018.
This was the largest increase since June 2018; season to date production is now running 5.6% ahead of 2017-18.
ASB senior rural economist Nathan Penny says this season is already on track to shatter records.
“Though we anticipate the hot weather might start to weigh on February production. As January drew to a close, the country entered a heatwave and record temperatures were recorded across several parts of New Zealand.
“Whilst drought is a perennial concern in summer, this year it's the heat itself that has drawn notice.”
Penny notes that elevated temperatures are impacting the behaviour of livestock, with some cows even “too hot to eat.”
Given that temperatures only peaked towards the end of the month, January’s production data will not have captured the full impact, he notes.
‘We will be closely watching February’s figures (due mid-March), to see if production starts to soften. We currently project 5% growth in milk solids production across the 2018/19 season, a shade more bullish than other forecasters.”
ASB’s 2018-19 milk price forecast stands at $6.25/kgMS; it is forecasting an opening price of $7/kgMS next season.
Farmer-led charity, Meat the Need is calling for donations to enable it to supply more meals to families in need.
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
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.
Horticulture NZ chief executive Nadine Tunley will step down in August.