Bankers warn more forced NZ dairy farm sales likely following payout drop

Thu, 28 Jan 2016

By Fiona Rotherham Jan. 29 (BusinessDesk) - Banks say more heavily indebted New Zealand dairy farmers will be asked to sell up as non-performing loans increase with lower forecast payouts. DairyNZ estimates 85 percent of dairy farmers will lose money this season compared to 49 percent last season after Fonterra Cooperative Group yesterday followed other dairy companies in cutting its forecast farmgate milk payout. The drop of 45 cents per kilogram of milk solids to $4.15/kgMS for the 2015/16 season meant an $800 million drop in the indust...

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