Agsafe Weekly Report

Finance:  The NZ dollar was steady against the main trading currencies.  The Reserve Bank lifted the OCR 50 base points during the week and there were no changes in the exchange rates as a result.  Further increases will occur as inflation is still increasing.

Wool:  Wool prices remain in the doldrums.

Beef, Sheep & Venison schedules: The meat schedules are steady for the coming week with no changes following last weeks increases and intercompany adjustments.  World food shortages are becoming evident.

Dairy Prices:  Dairy commodities are strong.  AgFirst’s dairy economic report shows the breakeven on a dairy farm for 2022/23 season at $8.47/kg milksolids.   

Redo a feed budget for the season and see where you will make your supplements and grow your crops.  Early planning is essential as cost of cropping and harvesting have all increased over recent months and these increases need to be factored into the system.  Feed costs have increased about 20% for the current season so an honest and full assessment is required.