$8 final milk price likely
An $8/kgMS farm gate milk price is still on the cards with less than six weeks left to run this season.
Global dairy prices have risen for the third consecutive Global Dairy Trade (GDT) auction.
Although the rise in whole milk powder (0.3%) and the overall index (0.4%) were modest compared to the last auction, it heralds further good news for farmers.
ASB economist Nathaniel Keall says its milk forecast remains at $6.75/kgMS for the 2020-21 season.
“We now believe the downside risks to this forecast have receded, and the risks are, if anything, moving ever so slightly towards the upside after three decent auctions,” he says.
Keall notes that Fonterra has also revised its forecast range, lifting the mid-point to $6.80, but keeping a wide forecast range of $6.30- $7.30.
“Fonterra have cited improving demand in China as a driver for the lift in its forecast, and indeed the ‘North Asia’ region has been strong over recent auctions,” he says.
Key Results
AMF index down 0.5%, average price US$4,110/MT
Butter index up 3.3%, average price US$3,678/MT
BMP not offered
Ched index up 3.0%, average price US$3,803/MT
LAC index down 8.0%, average price US$1,087/MT
SMP index down 0.2%, average price US$2,851/MT
SWP index not available, average price not available
WMP index up 0.3%, average price US$3,037/MT
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.
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.
World Veterinary Day falls on Saturday 27 April.
Graham Brown, the executive chef for Deer Industry New Zealand (DINZ), is excited about Korea.
OPINION: Talking about plant-based food: “Chicken-free chicken” start-up Sunfed has had its valuation slashed to zero by major investor Blackbird…
OPINION: Synlait's financial woes won’t be going away anytime soon.