Struggling? Give us a call
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
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.