Agsafe Weekly Report

Finance:  The NZ dollar remained firm against the major trading currencies.  The US markets are fickled and NZ is still considered to be a stable currency in spite of the economic mess we are in.  Brent Crude oil is under $US80/barrel down from peaks of around $US120/barrel. 

Wool:  Wool prices remain in the doldrums.  No one has come up with a real alternative long-term use for wool yet!!

Beef, Sheep & Venison schedules: The sheep and beef schedules have eased again while venison prices remain strong. The buyers are indicating that lamb prices will fall further.  There is pressure at the works to get stock killed with staff shortages being blamed.  

Dairy Prices:  Fonterra has lowered its farm-gate milk price range by $0.25/kg with the mid-point now being $9.00.  They have also upgraded the dividends earnings which is positive.  The softer world markets led by the Covid pressure within China are major factors.  The Chinese are slowly coming out of their lock-up zero Covid policy, but it will take a while to recover.  The g/DT was up 0.6% with a good volume sold.  WMP +0.1%, SMP +1.7%

Some contractors have access to small (3-row) maize planters to patch-up damaged maize paddocks.  It is important to complete a review of the damaged crops and consider remedial actions.  It won’t work everywhere, but should be considered.  There are still a number of silage crops ready for harvesting and it is important they are harvested asap as pasture quality is dropping off and they need to recover before the summer arrives!!!.