Lamb prices have held up at much stronger levels than expected, says ANZ’s agricultural economist Susan Kilsby.

Dairy farmers can be “cautiously optimistic” that current forecasts will hold, but it will depend on the global economy, says ANZ agriculture economist Susan Kilsby.

A big reduction in European stocks of skim milk powder (SMP) was behind its whopping 10.3% rise in price at last week’s auction, economists concur.