Beef prices climb as supply contracts in key markets
With production volumes contracting in most major beef-producing regions, global cattle prices have continued to rise across recent months.
Rabobank New Zealand will reduce the variable base rate on its rural loans by 0.5%, effective from 16 October 2024.
Todd Charteris, Rabobank New Zealand chief executive, says the decision follows the Reserve Bank’s announcement that it would cut the official cash rate (OCR) by 0.5%.
“We have carefully reviewed our position and are pleased to be able to pass on the full 0.50% rate reduction to our New Zealand food and agribusiness lending clients at this time,” Charteris says.
Additionally, Rabobank’s fixed rates within its All-In-One loan facility reflect daily changes in wholesale markets that had priced in the expected cuts to the OCR within the last month, he adds.
“These cuts will provide a welcome reduction in costs for New Zealand’s farmers and growers who have faced high interest and farm input costs over recent seasons,” Charteris says.
“Our September Rural Confidence Survey found farmer confidence in the broader agri economy is now on the up – off the back of higher commodity prices and lower interest rates – and this further rate drop should act as another boost to primary producer sentiment,” he concludes.
Dawn Meats is set to increase its proposed investment in Alliance Group by up to $25 million following stronger than forecast year-end results by Alliance.
A day after the ouster of PGG Wrightson’s chair and his deputy, the listed rural trader’s board has appointed John Nichol as the new independent chair.
Tributes are pouring in from across the political divide for former Prime Minister Jim Bolger who passed away, aged 90.
The iconic services building at National Fieldays' Mystery Creek site will be demolished to make way for a "contemporary replacement that better serves the needs of both the community and event organisers," says board chair Jenni Vernon.
Agri advisor Perrin Ag says its graduate recruitment programme continues to bring new talent into the agricultural sector.
Entries are open for the 2026 New Zealand Dairy Industry Awards (NZDIA).
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