Returns lift, costs down - DairyNZ
The outlook for dairy farmers this season has improved, especially when compared to forecasts only six months ago, according to DairyNZ.
AFTER A 6% drop in the GDT this week, the ASB says the risks are increasingly of a payout on the downside of $5.80/kgMS.
Rural economist Nathan Penny said he was surprised that Fonterra maintained its milk price forecast at $6/kgMS last week.
Penny says all the seven main products that ASB monitors posted falls. Overall prices now stand 42.2% lower than a year ago
SMP, BMP and casein posted the biggest falls, dropping 9.5%, 12.9% and 14.3% respectively. Meanwhile, WMP fell 4.3% and the other products recorded falls in the 5% to 6% range.
Russian import ban may be putting more downward price pressure on products with strong European supply (e.g. SMP) relative to NZ-dominated products (WMP), he says.
Higher prices for later-dated contracts still hint at support for prices later in the season, but at the expense of short-term weakness.
Federated Farmers claims that the Otago Regional Council is charging ahead unnecessarily with piling more regulation on rural communities.
Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.
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