Farmgate prices rise as farmers rebuild confidence
Sheep and beef farmers are cautiously optimistic as farmgate prices continue to firm.
ASB HAS revised down it milk price forecast for the 2014/15 season for the second time in less than a month to $5.80/kg of milk solids.
With 11 of the last 12 dairy auctions have recorded price falls, the sheer magnitude of the falls is bringing other factors in to play, according to the latest ASB Farmshed Economics Report.
"With dairy prices down by 37% on a year ago, the NZD has finally come under some pressure" says Nathan Penny, ASB rural economist.
"The NZD has passed its peak. We expect the NZD to trade at around 85 US cents for the rest of the year.
"The dairy price falls are also a major reason why we've pushed back our interest rate call." ASB Economics now expects the next OCR increase in March 2014 rather than their previous call for a December 2014 hike.
Federated Farmers says the final report into banking competition is a significant step forward for rural New Zealand - and a vindication of the farming sector's concern.
Fonterra chair Peter McBride expects a strong mandate from farmers shareholders for the proposed sale of its consumer and related businesses to Lactalis for $3.8 billion.
Fonterra chief executive Miles Hurrell says the sale of the co-op’s consumer and associated businesses to Lactalis represents a great outcome for the co-op.
The world’s largest milk company Lactalis has won the bid for Fonterra’s global consumer and associated businesses.
Fonterra has increased its 2024/25 forecast Farmgate Milk Price from $10/kgMS to $10.15/kgMS.
It took a stint at university to remind Otago dairy farmer Megan Morrison that being stuck in a classroom was not for her.
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