ANZ lowers milk price forecast for this and next season

ANZ Bank is more worried about demand than supply. (Image: Unsplash)

Fri, 06 May 2022

ANZ Bank has lowered its farmgate milk price forecast for this season and the next as dairy commodity prices slump.This week prices fell 8.5% in the Global Dairy Trade auction, the fourth consecutive fall. ANZ lowered its 2021-22 season forecast by 40 cents to $9.30 per kilogram of milk solids, meaning around $500 million less for the rural sector than it previously expected. It also slashed its 2022-23 forecast by 80 cents to $8.50.Fonterra is currently expecting to pay its farmer shareholders a record $9.30-$9.90/kg MS, accordi...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket drops after weak GDP data

Stats NZ data showed NZ's gross domestic product fell 0.9% in the June quarter.

Tom Raynel 6:06pm

Policy

First residential housing fast-track consent granted

The Maitahi Village project in Nelson will supply about 374 residential units.

Gregor Thompson 4:20pm

First residential housing fast-track consent granted

Economy

Dire economy opens door for 50bps cut in October

The New Zealand economy contracted 0.9% in the June quarter.

Rebecca Howard 1:30pm

Dire economy opens door for 50bps cut in October

Sponsored

Future leaders start by Dreaming Big

How OnBeingBold empowers Year 13 girls at free leadership events.

OnBeingBold

Sponsored

Free AI training blitz targets 10,000 Kiwis

Workshops aim to close NZ’s AI skills gap and boost productivity – no tech skills required.

Sponsored by Lumify

More Primary Sector

Primary Sector

Dawn Meats offer for Alliance above independent valuation

A vote will be held next month.

Riley Kennedy 12:05pm

Primary Sector

MyFarm KiwiFruit Fund launches $35 million capital raise

The MyFarm KiwiFruit Fund has launched a $35 million capital raise for wholesale and institutional investors, and those offshore that qualify for the Active Investor Plus visa.Units are being offered at $1.02, a 5% discount to the fund’s net asset value.The offer, which will clos...

Rebecca Howard 10:33am