Commerce Commission files proceedings against Westpac
The Commerce Commission has announced that it has filed proceedings against Westpac New Zealand.
Westpac senior agricultural economist Nathan Penny expects prices to remain elevated as global supply remains very tight.
However, the bank is sticking to its forecast milk price of $9.25/kgMS for this season.
Penny says, at some stage, they anticipate that Covid restrictions in China will ease further and take dairy demand higher as a result.
"At that time, global dairy prices are likely to get a further boost."
However, he says last week's Global Dairy Trade auction result is consistent with its current forecast.
Fonterra has a wide ranging forecast milk for the season - $8.25/kgMS to $9.75/kgMS.
Penny notes that the mixed nature of the result suggests prices are in a holding pattern.
"At the last auction the market factored in better Covid news in terms of easing restrictions in China.
"But with no fresh news to digest on that front, the price moves reflected changes in product mix rather than any underlying factors."
NZPork has appointed Auckland-based Paul Bucknell as its new chair.
The Government claims to have delivered on its election promise to protect productive farmland from emissions trading scheme (ETS) but red meat farmers aren’t happy.
Foot and Mouth Disease outbreaks could have a detrimental impact on any country's rural sector, as seen in the United Kingdom's 2000 outbreak that saw the compulsory slaughter of over six million animals.
The Ministry for the Environment is joining as a national award sponsor in the Ballance Farm Environment Awards (BFEA from next year).
Kiwis are wasting less of their food than they were two years ago, and this has been enough to push New Zealand’s total household food waste bill lower, the 2025 Rabobank KiwiHarvest Food Waste survey has found.
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