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ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
The Global Dairy Trade lift overnight of 2.6% is broadly in line with expectations, says ASB rural economist Nathan Guy.
The overnight lift was the third auction out of the last four to record a price lift.
However, by product the auction was more mixed relative to expectations, he says in his 'Quickview' outline.
"Key WMP prices rose bang in line with expectations, while the anticipated jump in SMP prices was absent (futures prices had hinted at a lift in excess of 5%). Instead, SMP prices actually fell 0.9%.
"Elsewhere, butter milk powder (up 16.2%) and anhydrous milk fat (up 4.9%) regained some of their recently lost ground. Butter prices posted a 3% increase, while casein (up 0.3%) also lifted marginally. Cheddar (down 0.8%) was the other main product we monitor to post a fall."
In terms of the price outlook, the auction result is somewhat moot given this was the smallest auction for the year, he says. ASB is sticking to its $3.90/kgMS forecast for 2015/16.
Attention now quickly turns to 2016/17. Fonterra provides its new season forecast next Thursday. And while we expect the milk price to ultimately end at $6/kgMS, Fonterra's starting point forecast for the season will be much lower.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Horticulture NZ chief executive Nadine Tunley will step down in August.