WOOL PRICES at yesterday’s (December 15) auction were 2-4% down on last week’s sale, which also saw a drop of about 4% overall.

ABOVE AVERAGE production and prices bode well for pastoral agriculture in 2011/12, says MAF on releasing its half year update of its annual Situation and Outlook for New Zealand Agriculture and Forestry (SONZAF) report.

When the Hong Kong government dropped all taxes on the importation of wine in 2008, it opened the doors to every wine producing nation in the world. In the first eight months of this year, the country imported US$857 million dollars worth of wine. More importantly, it exported $191 million worth, with the majority of it heading into Mainland China. The country has made no bones about wanting to be Asia's if not the world's, wine hub.

MAF DIRECTOR-general Wayne McNee says he's asked for a detailed review of last month's strawberry growing kit biosecurity incident but the response to the recall has been blasted by Hort NZ.

FONTERRA HAS upped its forecast payout for the 2012 season 20c/kgMS to $6.90-$7.00 for a fully shared up farmer.

CONCERNS OVER Europe’s economy has hit wool consumer and processor confidence, making many buyers stand out of the market, says Wool Services International.

FARMERS ARE concerned that imported strawberry seed kits went on sale without proper biosecurity checks.

A LEADING economist is predicting the New Zealand dollar to drop buffering farmers from lower commodity prices in the coming year.

John Key says there needs to be a balance between encouraging agricultural production and protecting the environment.

NEW FONTERRA chief executive Theo Spierings says the co-op is looking at the viability of a custodian to hold shares under TAF.