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ASB head of rural banking Aidan Gent is encouraging farmers to speak to their banks when they are struggling.
The GlobalDairyTrade price index remained unchanged after last night's event – but key product, whole milk powder, was down 4.5%.
This is the second time in a row it has fallen, says ASB's chief economist Nick Tuffley.
"NZ dairy production held up surprisingly well at the end of last season. But, looking ahead, the relatively weak opening forecast from Fonterra for this season is likely to prompt a more material fall in NZ production this season.
"Dairy production is also likely to fall in other important production markets.
"Australian farmers have been abruptly hit by a farm-gate milk price cut. Argentinian production is also expected to fall. In Europe we expect reality to increasingly sink in after the initial post-quota surge in production there last year.
"Consequently, we continue to expect global dairy prices to track higher over the next year."
The key results were:
AMF index up 4.4%, average price US$3,619/MT
Butter index up 5.3%, average price US$2,910/MT
BMP index down 6.6%, average price US$1,695/MT
Ched index up 6.9%, average price US$2,882/MT
LAC index up 0.6%, average price US$754/MT
RenCas index down 0.4%, average price US$5,116/MT
SMP index up 1.5%, average price US$1,901/MT
WMP index down 4.5%, average price US$2,118/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.
OPINION: Canterbury milk processor Synlait is showing no sign of bouncing back from its financial doldrums.
OPINION: It seems every bugger in this country can get an award these days.