$9.20 milk price forecast!
ASB has become the first bank to forecast a milk price above $9/kgMS for this season.
Westpac chief economist Kelly Eckhold says last week's Global Dairy Trade (GDT) auction went much better than feared.
Futures market pricing had suggested price falls in the 4-5% range after the last disastrous auction a fortnight ago. The market was thus rightly on edge, notes Eckhold.
"Overall prices rose slightly driven by a strong performance from the 'Fats' - Anhydrous Milk Fat 4%, Cheddar 6.2%, Butter 0.8%) while the 'Powders' fell - albeit by less than feared (Whole Milk Powder -1.6%, Skim Milk Powder -1.1%)," he says.
"We didn't see much of interest in the pattern of buyers - Middle Eastern buyers were better supporters of the auction this time. Chinese demand looks stable.
"Our forecast for the 2024-25 milk price remains unchanged at $8.40 with balanced risks. Of key interest will be the impact of weak Chinese economic growth, which recent data confirms is still travelling below trend, driven by a still weak consumer. That's not great news for soft commodities."
Rural Contractors NZ have launched a campaign today against the risks of fatigue in their industry.
The popular Surfing for Farmers programme, which gives farmers a well-earned break from life on the farm, starts its eighth season from November 5.
Milk vat manufacturer DTS is selling its dairy automation business to MilktechNZ.
Former Synlait chief executive Grant Watson says the past two years have been quite the journey.
Retiring chair Jim van der Poel has used his final AGM to announce the intention to increase the DairyNZ farmer levy for the first time in the industry-good body's 17-year history.
Not too many dairy industry leaders were keen to publicly comment on the sudden passing of former Fonterra chief executive Theo Spierings.
OPINION: DairyNZ's director elections has seen scientist Jacqueline Rowarth re-elected for another three-year term.
OPINION: Fonterra's chair will be paid nearly $500,000 if shareholders approve a proposal by the directors' remuneration committee.