Bremworth board to call special meeting
Listed carpet maker Bremworth says it’s preparing to call a special meeting requested by a group of disgruntled shareholders.
The first Global Dairy Trade (GDT) auction drew mixed results, with drop in powder prices and lift in butter and cheeses.
The GDT price index eased 1.4% to an average price of US$4,029/t. Whole milk powder prices dropped 2.1% to US$3804/t and skim milk powder eased 2.2% to US$2682/t.
NZX dairy analyst Rosalind Crickett says the index movement was weighed down by decreases seen to the milk powder products, despite lifts to butter and cheese products – with results spot on with their pre-event expectations.
“In what normally is a quieter start to the year, 87% of product on offer was still sold, but saw weaker demand from both North Asia and the Southeast Asia/Oceania regions.”
Crickett says that despite there being -15.7% less WMP and -15% less SMP on offer since the last event, traders have been describing a “hand to mouth” purchasing pattern by regions over the holiday period.
She notes that recent Chinese inventory data showed a 25% year-on-year (YoY) increase in November WMP imports, as the country restocked with continuing weak domestic milk production a key factor. The recent buying activity by North Asia has also seen month-on-month (MoM) ending stocks for SMP up 33%.
Despite an increase in NZ milk fat product availability on the GDT platform due to the Cream Group Flex, there were mixed
results across anhydrous milk fat (AMF) and butter. With US and EU also reporting ample cream supplies there was seemingly little effect on the 2.6% lift in butter prices.
Interestingly both cheese products have rebounded in price after three consecutive declines, with traders expecting price support with cheese volumes tapering off in the latter part of the season, she says.
Federated Farmers supports a review of the current genetic technology legislation but insists that a farmer’s right to either choose or reject it must be protected.
New Zealand’s top business leaders are urging the US Administration to review “unjustified and discriminatory tariffs” imposed on Kiwi exporters.
New tariffs imposed by President Donald Trump signal an uncertain future, but New Zealand farmers know how to adapt to changing conditions, says Auriga Martin, chief executive of Farm Focus.
A global trade war beckons, which is bad news for a small open economy like New Zealand, warns Mark Smith ASB senior economist.
Carterton's Awakare Farm has long stood as a place where family, tradition and innovation intersect.
Fonterra says the US continues to be an important market for New Zealand dairy and the co-op.
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