Rabobank cuts loan rate
Rabobank New Zealand will reduce the variable base rate on its rural loans by 0.5%, effective from 16 October 2024.
A rosy outlook on sheepmeat needs to be slightly tempered by market realities, one meat company suggests.
A Rabobank report by animal proteins analyst Blake Holgate says prices to late-season October as high as mid $8/kg can be expected. And possibly even higher.
Alliance general manager livestock and shareholder services Heather Stacy says prices are firm in their key markets.
“But we need to be mindful of issues such as Brexit coinciding with our chilled lamb programme for the UK and the wider potential for volatility with foreign exchange levels,” she told Rural News.
“As a cooperative, it is important to us that sheepmeat price levels are sustainable for farmers over the long term.”
Beef + Lamb NZ’s chief economist Andrew Burtt says broadly they agree with Holgate. But BLNZ is a bit more conservative than his “at least as high as the mid $8 mark per kilo we saw last year” for the remainder of the season.
“Our view is that prices will be about $8.40/kg on average for all lambs during the fourth quarter of the meat export season, ie July-September,” Burtt told Rural News.
“We are in the process of preparing our New Season Outlook which considers the factors.”
Holgate says restricted global supplies and strong international demand are set to keep sheepmeat prices at elevated levels,
Holgate said in a recent podcast — New Zealand sheepmeat – Mid-year Outlook — that strong market fundamentals during the current season had given sheep farmers healthy returns in recent months. These fundamentals are set to persist for at least the rest of 2019.
Prime Minister Christopher Luxon will be fronting farmers at three large public meetings organised by Federated Farmers over the coming weeks.
Federated Farmers and a major Australian-owned bank are at loggerheads over emissions reduction targets set for New Zealand farmer clients.
More locally grown tomatoes are coming to stores this month and you can thank New Zealand greenhouses for that.
Changing skill demands and new job opportunities in the primary sector have prompted Massey University to create a new degree course and add a significant major into another in 2025.
It was bringing in a new Canterbury A&P Association (CAPA) show board, more in tune with the CAPA general committee, that has ensured that Christchurch will have a show this year, says CAPA general committee president Bryce Murray.
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