The big dairy processors in New Zealand are lifting payout forecasts for 2015-16 in a further sign of a rebound in global milk prices.

The 4700 bales on offer saw a 74% clearance with mixed results, however all prices paid locally are still above last week’s North Island auction levels, NZ Wool Services International chief executive John Dawson reports.

Synlait Milk’s annual meeting of shareholders yesterday highlighted that their record 2016 profit of $34.4 million showed their value added strategy is successful.

Dairy Goat Co-operative, Hamilton, the world’s largest maker of goat infant formula, is happy to follow a market-led philosophy.

More than 75% of New Zealand’s dairy exports to China are still subject to tariffs the industry thought would by now be cut.

Three candidates are vying for two Fonterra board seats this year: sitting director Michael Spaans, Donna Smit, Bay of Plenty and Stuart Nattrass, Canterbury. Voting ends at 10.30am on December 6.

Dairy products led a rise in total exports in October, but meat and offal exports were down from the same month last year, Statistics New Zealand says.

The 7250 bales of North Island wool on offer saw a 72% clearance with most types easing further.

Record-high stock levels are set to keep worldwide food prices low during 2017 even as inflation starts to rise in many developed economies, says a major report from Rabobank.

Fonterra China delivered strong results on China’s Double 11 sales day.