ANZ defends farm lending rates
The country's largest lender to the agriculture sector says it's not favouring home loans over farm and business lending.
Federated Farmers is joyed by Fonterra Cooperative Group signing a conditional offer to purchase the milk processing assets of New Zealand Dairies.
If approved by the Commerce Commission and with that company in receivership, it will deliver certainty to affected farmer-creditors.
"This is an unexpectedly good bolt out of the blue, " says Willy Leferink, Federated Farmers Dairy chairperson.
"It may surprise those outside of the industry but we thought Fonterra was an unlikely contender for NZ Dairies. We now know Fonterra sees the Studholme dairy plant as complementary to its new $500 million facility being built at Darfield.
"So here we have a formerly Russian owned factory coming into New Zealand hands.
"While the sale is a commercial deal and is subject to Commerce Commission approval, some financial pain for creditors seems sadly unavoidable.
"Fonterra is preferable to a hard-nosed corporate buying these assets for the regulated milk it would secure. Such an outcome would treat farmer-suppliers as just another input.
"So this deal strongly vindicates the cooperative business model.
"Fonterra Cooperative Group will give former NZ Dairies farmer-suppliers milk contracts for the current season. For the next six years the door is open for these suppliers to share-up in the coop. It is a genuine path back to shared ownership in the means of production.
"Eyes now turn to what can be salvaged for creditors of NZ Dairies. We know there are some sharemilkers seriously affected by the receivership while farm balance sheets will take a hit.
"I have personally spoken to the major lenders and stressed the need to work with affected farmers and sharemilkers.
"If you are a member of the Federation, you can also call 0800 FARMING (0800 327 646) to speak to our legal and employment law teams," Leferink says.
Prime Minister Christopher Luxon says the relationship between New Zealand and the US will remain strong and enduring irrespective of changing administrations.
More than 200 people turned out on Thursday, November 21 to see what progress has been made on one of NZ's biggest and most comprehensive agriculture research programmes on regenerative agriculture.
The a2 Milk Company (a2MC) says securing more China label registrations and developing its own nutritional manufacturing capability are high on its agenda.
Stellar speakers, top-notch trade sites, innovation, technology and connections are all on offer at the 2025 East Coast Farming Expo being once again hosted in Wairoa in February.
As a guest of the Italian Trade Association, Rural News Group Machinery Editor Mark Daniel took the opportunity to make an early November dash to Bologna to the 46th EIMA exhibition.
Livestock can be bred for lower methane emissions while also improving productivity at a rate greater than what the industry is currently achieving, research has shown.
OPINION: Fonterra may have sold its dairy farms in China but the appetite for collaboration with the country remains strong.
OPINION: The Listener's latest piece on winter grazing among Southland dairy farmers leaves much to be desired.