Dairy product prices fell at the Global Dairy Trade auction, as whole milk powder slid amid data showing New Zealand’s processors collected record levels of milk in recent months because of improved weather conditions.
The government's directive to the Overseas Investment Office to raise the bar in overseas applications to buy sensitive New Zealand land has scared away tens of millions of dollars in investments in rural property and will hurt farm values, real estate firms say. Jonathan Underhill from BusinessDesk reports
Dairy product prices are expected to slip at the Global Dairy Trade auction overnight amid a pick-up in supply, even as global trade tensions appear to benefit demand for New Zealand dairy products.
New Zealand milk processors collected record levels of milk in the last two months of the 2017/18 season as favourable weather boosted pasture growth, helping make up for trying conditions during the spring and early summer.
Deputy Prime Minister Winston Peters doubled down on last week's New Zealand First party attacks on the performance and leadership of Fonterra, saying the country's largest business was costing the economy more than $2 billion from food safety and animal welfare scares.
The Government is considering setting softer targets for the methane burped by New Zealand’s cows, while reducing carbon dioxide from transport and other sectors to zero.
Fonterra Cooperative Group collected 2.3 percent more milk from its New Zealand suppliers in April, largely due to favourable weather conditions and improved pasture quality in the South Island.
South Island dairy processors Synlait Milk and Westland Milk Products have raised their forecast milk payment levels to their farmer suppliers for the upcoming season, following a similar move last month by larger rival Fonterra Cooperative Group.
The Reserve Bank is warning banks to be "far more prudent" about lending to dairy farmers, but says it doesn't see mycoplasma bovis as a threat to financial stability.
Milk New Zealand Holding, which owns and manages dairy operations controlled by Shanghai Pengxin, says it didn't expect such a bullish forecast from Fonterra Cooperative Group for its 2019 milk payout.