$10 milk price still in sight despite global dairy markets softening
A $10 milk price remains on the cards for this season despite recent softening of global dairy prices.
Global dairy prices have fallen again and supply expectations out of New Zealand might be at play.
The Global Dairy Trade (GDT) price index fell 1.9% overnight, compared to the previous auction.
Whole milk powder price dropped 1.2% to US$2753/metric tonne, causing further downward pressure on forecast milk payouts.
Westpac’s head of NZ strategy, Imre Speizer says supply expectations may have weighed on the latest GDT auction.
He notes that growing conditions in NZ are good.
More milk out of NZ means more dairy products available on the global market, causing prices to dip.
Key results
AMF index down 4.4%, average price US$5,069/MT
Butter index down 5.9%, average price US$4,016/MT
BMP index up 3.6%, average price US$2,522/MT
Ched index down 1.2%, average price US$3,468/MT
LAC index up 0.6%, average price US$913/MT
RenCas index up 3.0%, average price US$5,552/MT
SMP index down 0.3%, average price US$1,982/MT
SWP index not available, average price not available
WMP index down 1.2%, average price US$2,753/MT
With Fonterra's UHT plant at its Edendale site less than a year from completion, demand continues to grow for products the plant will produce, such as Anchor Whipping Cream.
A new $50,000 scholarship fund designed to support and empower women in the New Zealand dairy industry through leadership development has been launched.
Many farmers around the country are taking advantage of the high dairy payout to get maximum production out of their cows.
In 2015, the signing of a joint venture between St Peter's School, Cambridge, and Lincoln University saw the start of an exciting new chapter for Owl Farm as the first demonstration dairy farm in the North Island. Ten years on, the joint venture is still going strong.
Sheep milk processor Maui Milk is on track to record average ewe production of 500 litres by 2030, says outgoing chief executive Greg Hamill.
Parliamentary Commissioner for the Environment Simon Upton is calling for cross-party consensus on the country's overarching environmental goals.
The nutters of the green world, aided and abetted by the lamestream media, are rewriting the English language for the worse.
OPINION: The self righteous activists at Greenpeace are copying the self-righteous lefties behind the ‘free Palestine’ movement – not surprising given…