China's Covid lockdowns are impacting on New Zealand agriculture, according to Rabobank.

The coming year is looming as a defining one for New Zealand farming, according to Rabobank agricultural analyst Genevieve Steven.

While global demand and prices for red meat remain strong, supply chain disruptions and significant processing constraints in New Zealand are having an impact.

India plans to double its budgeted 2021-22 fertiliser subsidies to a record of more than 1.55 trillion rupees (US$20.64 billion) for the fiscal year ended March 31, to avoid potential shortages amid a sharp increase in global prices of chemicals, fertiliser and fuels.

Covid restrictions in China are likely to slightly dampen milk powder imports into that country, according to Stefan Vogel, Rabobank research general manager for Australia and New Zealand.

Dairy goat farmers are facing a double whammy: a sharp drop in milk payout and reduced quota to supply the country's sole processor.

Successive drops in global dairy prices mean the next season's opening milk price forecast is being trimmed back.

A record milk payout for this season remains on the cards - but breaking the $10/kgMS ceiling will be a stretch.

New Zealand’s fledgling dairy goat industry is in turmoil.

According to Zespri, it will be supplying RubyRed to consumers in New Zealand, Singapore, Japan, Taiwan and China.