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ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
Prolonged dry weather will have mixed effects on commodity prices, says ASB senior rural economist Nathan Penny.
For dairy, the drought will put upward pressure on prices as milk production will fall.
“Currently, we forecast 2019-20 production to be flat on 2018-19, but we are reviewing this forecast next week,” says Penny.
The big dry is already depressing lamb prices as farmers bring forward and increase slaughter of stock due to a lack of feed, putting more lamb on the market.
However, Penny says a hot summer can often boost production levels in the horticulture sector: this could see prices fall.
The Government last week declared an adverse event for Northland, where dry weather is causing feed issues for farmers.
Penny says other regions may soon see an official declaration too.
“The Waikato, Bay of Plenty, Taranaki and the northern part of the South Island are also very dry. Moreover, weather forecasts show little sign of short-term rain relief in these areas,” he says.
In terms of commodity price impacts, the drought will have mixed effects by sector. For dairy, For meat prices, the drought is having a depressing impact as farmers bring forward or increase slaughter due to a lack of feed. Already, lamb prices have fallen more than they do normally at this time of year. Meanwhile, a
Animal rights organization, SAFE says the government needs to maintain the ban on live exports.
New findings from not-for-profit food supply and distribution organization, the New Zealand Food Network (NZFN) have revealed a 42% increase in demand for food support in 2023 compared to 2022.
New data released by LIC and DairyNZ shows New Zealand dairy farmers have achieved the highest six week in-calf rate and lowest notin- calf rate on record.
Christchurch City Council and the Canterbury Agricultural and Pastoral Association (CAPA) have signed an agreement which will open more of Canterbury Agricultural Park for public use while helping to provide long-term certainty for the A&P Show.
This year’s Fieldays will feature a Rural Advocacy Hub - bringing together various rural organisations who are advocating for farmers and championing their interests as one team, under one roof, for the first time.
ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
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