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ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
ASB is sticking with its 2016/17 milk price forecasts of $6/kgMS, with the Global Dairy Trade overall price index remaining unchanged overnight.
"However, we note that to maintain our forecast, prices will need to rise materially over coming months, particularly as peak auction volumes are on offer for the season over the coming three months or so," says ASB rural economist Nathan Penny.
Last night's overall result was in line with expectations, says Penny. Butter prices dipped 5%, while SMP and cheddar also fell circa 1%. In contrast, Anhydrous Milk Fat and casein prices were up a touch.
"From here, and with the market focus shifting away from Brexit, dairy fundamentals should begin to drive price movements once again.
"On that front, we continue to look to data that support or otherwise our view that global supply is tightening. For example, Fonterra's NZ collections were down 10% in June versus June 2015, although it is still early days in the NZ production season."
Key Global Dairy Trade Event 168 results:
AMF index up 0.2%, average price US$3,628/MT
Butter index down 5.0%, average price US$2,687/MT
BMP index down 0.5%, average price US$1,565/MT
Ched index down 1.1%, average price US$2,886/MT
LAC index down 4.0%, average price US$721/MT
RenCas index up 0.4%, average price US$5,286/MT
SMP index down 1.1%, average price US$1,927/MT
WMP index up 1.9%, average price US$2,079/MT
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.
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