Agsafe Weekly Rural Report

Finance:  The NZ dollar dropped across all major trading currencies over the week following the lifting of the OCR.  Are overseas investors seeing the NZ economy as failing?  Low productivity and a government that doesn’t understand where trade comes from.

Wool:  Wool remains in the doldrums with no exciting developments on the horizon.     

Beef, Sheep & Venison schedules: All meat schedules are steady with only very minor intercompany changes for the coming week.  The beef industry is positive about the medium-term future with schedules showing some early upward movement.

Dairy Prices:  Fonterra has opened next season with an $8.00 Farm Gate Price.  Advance rate is $6.00.  The final for 2022/23 payout is now expected to be $8.20/kg MS.  The Coop profit is very good and the dividends and capital distribution look better with the Capital distribution now scheduled for August.