Displaying items by tag: ANZ

A fall of 3.4% in the overall GDT Event price index last week was the fourth consecutive fall and prices are now at eight-month lows.

Three bank economists see a risk of downside to farmgate prices from last week’s GDT auction where the overall price index dropped 2.4%.

Although last week’s GDT price index eased 0.4%, the dairy auction was generally positive, especially the 2.6% lift for whole milk powder (WMP), says ANZ rural economist Con Williams.

Higher dairy payouts have put dairy farmers in a good position to take advantage of new technologies, says ANZ’s managing director commercial & agri, Mark Hiddleston.

The back-to-fat story was reinforced at the latest GDT event with butter up 3.3% to a fresh auction record high of US$5631/t, says ASB senior rural economist Nathan Penny.

The outlook for the coming dairy season is positive with prices stable and lifting slightly, several economists say.

At least 7000 dairy livestock have been affected in the recent storms in Waikato and Bay of Plenty alone and hundreds of hectares of pasture and maize crops have been damaged, DairyNZ reports.

ANZ has announced an assistance package to help the farming community affected by North Island flooding to get their farms and businesses back to full production.

Most major banks are offering some assistance for drought stricken farmers.

Dairy markets remain finely balanced but with most of the season’s product sold, farmgate milk price is expected to hold above $6/kgMS.