No easy ride for struggling sheep farmers
Stubbornly high farm input costs, a slow Chinese recovery and a flood of Australian lamb onto the global market are the main factors contributing to the tough times being faced by NZ's sheep farmers.
Silver Fern Farms shareholders have approved the joint venture with Chinese company Shanghai Maling.
At a special meeting in Dunedin yesterday, 82.2% of supporters voted in favour of the deal.
SFF chairman Rob Hewett says he is pleased with the overwhelming support shown by shareholders.
"It's all about better returns to our suppliers of livestock," he told shareholders after announcing the results.
"The understanding of our strategy is very gratifying."
The vote result will be relayed to Shanghai Maling, who will take it to its shareholders in China on October 30.
Hewett says SFF has a letter of support from Bright Foods, which owns 38% of Shanghai Maling.
"That's a huge degree of confidence in this transaction," he says.
Hewett expects the deal to finalise within nine months.
"We hope its sooner rather than later," he says.
"So this year, it will be business as usual for Silver Fern Farms."
Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.
Shipping disruption caused by Houthi rebels in the Red Sea has so far not impacted fertiliser prices or supply on farm.
The opportunity to spend more time on farm while providing a dedicated service for shareholders attracted new environmental manager Ben Howden to work for Waimakariri Irrigation Limited (WIL).
Federated Farmers claims that the Otago Regional Council is charging ahead unnecessarily with piling more regulation on rural communities.
Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.
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