Team effort behind new ryegrass cultivar to future-proof pastoral farming
It takes a team approach to produce a new cultivar of ryegrass, match-fit to meet the future challenges of pastoral farming.
In another sign of improving agribusiness sentiment, two listed companies have lifted their forecast earnings for the year.
Fruit grower and trader Seeka expects forecast full year earnings guidance at a profit before tax level of between $21 million and $25m. The forecast range compares to a loss of $21m last year.
Rural trader PGG Wrightson is forecasting earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $51m for year ending June 2025, compared to $44m last year.
The company says that while sheep farmers are facing challenging market conditions with soft returns, there are however some positive indicators suggesting the start of a turnaround, including good quality yields in the horticulture sector.
Seeka, a major player in the hort sector, attributes its improved forecast to a clear strategy, excellent fruit quality and performance, efficiencies and margins across the business. The turnaround has prompted Seeka to declare a dividend of 10c/share to be paid on January 25, 2025.
Seeka chief executive Michael Franks notes that a full year dividend is normally paid in April.
This year the full year dividend has been varied to provide a quicker restoration of dividends and provide an earlier return on investment to Seeka's shareholders, he says.
Franks says the company has achieved a good year.
Over at PGW, chair Garry Moore notes that the rural servicing market in New Zealand remains relatively challenged.
"Geopolitical tensions are contributing to cautiousness in the market and a slower than expected recovery in New Zealand's key export market. China continues to dampen commodity prices," he adds.
Sheep farmers are facing challenging market conditions with soft returns. Flock numbers are estimated to have reduced by 4.3%, down to 23.3 million. However, he notes confidence returning to the dairy sector with Fonterra and other processors forecasting a milk price of $9/kgMS for the season.
Newly elected Federated Farmers meat and wool group chair Richard Dawkins says he will continue the great work done his predecessor Toby Williams.
Hosted by ginger dynamo Te Radar, the Fieldays Innovation Award Winners Event put the spotlight on the agricultural industry's most promising ideas.
According to DairyNZ's latest Econ Tracker update, there has been a rise in the forecast breakeven milk price for the 2025/26 season.
Despite the rain and a liberal coating of mud, engines roared, and the 50th Fieldays Tractor Pull Competition drew crowds of spectators across the four days of the annual event.
Nationwide rural wellbeing programme, Farmstrong recently celebrated its tenth birthday at Fieldays with an event attended by ambassador Sam Whitelock, Farmers Mutual Group (FMG), Farmstrong partners, and government Ministers.
Six industry organisations, including DairyNZ and the Dairy Companies Association (DCANZ) have signed an agreement with the Ministry for Primary Industries (MPI) to prepare the country for a potential foot and mouth outbreak.
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