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GDT index up one-point-five percent after three falls
Global dairy prices have edged higher overnight, ending three consecutive auction declines as buyers returned to the market following the recent correction.
The GDT index rose one-point-five percent, with whole milk powder up one-point-six percent and skim milk powder gaining two-point-eight percent across all contract periods. Anhydrous milk fat also lifted one-point-one percent. Butter eased point-six percent and cheddar fell six-point-five percent.
Southeast Asia and Oceania drove the recovery, increasing their share of total purchases to thirty-six percent — up from twenty-eight percent at the previous auction — offsetting reduced buying from North Asia.
Weather is emerging as a key watchpoint. Prolonged heatwaves across Europe and the United States are beginning to weigh on milk production, improving market sentiment and providing support to prices.
US launches safeguard investigation into lamb imports
The United States has formally requested an investigation into lamb imports, with the US Trade Representative asking the International Trade Commission to launch a safeguard inquiry that is expected to take four to six months.
The investigation is not specifically directed at New Zealand but will cover all lamb imports into the US. New Zealand lamb earns an average of twenty-one-ninety-nine per kilogram in the American market — well above the global average of fourteen dollars — meaning any restrictions would displace product into lower-value markets.
Meat Industry Association independent chair Nathan Guy says the sector is confident in its position that New Zealand's exports have not caused damage or posed any threat to the US sheep industry. He says New Zealand lamb complements rather than competes with US domestic production, filling supply gaps and occupying a distinct market position.
The sector has engaged legal representation in Washington and is working closely with Government officials to ensure New Zealand's case is clearly put to the Commission.
Marton Maltings to close
New Zealand's largest malting factory is closing, with Malteurop announcing its Marton mill will shut at the end of September — leaving fourteen workers without jobs and grain growers across the region facing an uncertain future.
The Marton Maltings has been the largest malting operation in New Zealand since 2008, supplying around seventy percent of the total malt market, including to Lion, DB and Asahi.
Rangitīkei mayor Andy Watson says it's another employer lost from the district, and the impact on local grain farmers comes at a time when rising costs are already making things tough. Several companies have since approached him showing interest in the significant grain storage and production opportunities at the site.
Canterbury-based competitor Gladfield hopes to pick up some of the business, but acknowledges New Zealand will become more reliant on imported malt as a result. Malteurop's existing Geelong facility has the capacity to service the entire New Zealand market.
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