Early Bird I Friday October 4th 2024

Miraka outpaces industry giants with latest milk price forecast, Kiwi blueberries set to bloom in Korean market, and Alexandra gears up for world-class Merino shearing showdown. Welcome to Proud Country's Early Bird - The top things you need to know that impact rural New Zealand delivered to you by 5am, because who doesn’t need better chat beyond the weather! Miraka outpaces industry giants with latest milk price forecast Taupō-based dairy processor Miraka has raised eyebrows by hiking its forecast milk price for the 2024/25 season to $9.17 per kilogram of milk solids (kgMS), up from its initial projection of $8.42/kgMS. This bold move positions Miraka ahead of dairy giants Fonterra and Synlait Milk, which are forecasting $9 and $8.60/kgMS respectively. The upward revision comes on the heels of a positive turn in global dairy markets, with prices climbing 1.2% per metric tonne at the latest Global Dairy Trade auction. Whole milk powder, a key driver of farmgate prices, saw a significant 3% increase to reach its highest average price in two years. Miraka, majority-owned by Māori trusts with a 13.5% stake held by Vietnam's Vinamilk, also announced a total milk payout of $8/kgMS for the 2023/24 season, surpassing the $7.83/kgMS declared by both Fonterra and Synlait in recent days. The Global Dairy Trade auction saw mixed results across different products. While whole milk powder surged, skim milk powder, which accounts for a third of the auction volume, experienced a slight dip of 0.6%. Cheddar and buttermilk powder prices showed strength, increasing by 3.8% and 5% respectively. Kiwi blueberries set to bloom in Korean market New Zealand's blueberry industry is poised for growth as the government announces a breakthrough in market access to Korea. Trade and Agriculture Minister Todd McClay revealed the deal, which is expected to generate around $5 million in annual export opportunities for Kiwi growers. This achievement marks the successful conclusion of long-running negotiations and follows increased bilateral engagement in the wake of the Prime Minister's recent visit to Korea.  The Ministry for Primary Industries (MPI) is moving quickly to implement the necessary compliance measures, aiming to enable New Zealand exporters to ship blueberries to Korea as early as the upcoming season, which typically starts in December or January. McClay framed the deal as part of a broader strategy to boost New Zealand's export economy. He highlighted recent successes in removing Non-Tariff Barriers (NTBs), citing $190 million in barriers eliminated over the past year. The minister emphasised the government's commitment to reducing trade obstacles, opening new markets, and increasing returns for exporters. The blueberry deal aligns with the government's ambitious goal of doubling exports by value within a decade.  Federated Farmers expose banking practices squeezing farmers Federated Farmers has unveiled alarming insights into the state of rural banking in New Zealand, based on feedback from over 1,000 farmers. Their submission to Parliament's banking inquiry paints a picture of widespread financial strain and questionable banking practices affecting the agricultural sector. Richard McIntyre, Federated Farmers' banking spokesperson, highlighted that 22% of farmers report being unable to structure their debt in the most interest-efficient manner. An additional 18% are unsure of their options, meaning a total of 40% of farmers are either trapped in inefficient debt structures or lack the information to improve their financial situation. A major concern raised is the inappropriate use of overdrafts. Alarmingly, 12% of farmers have been pressured by their banks to fund capital work using overdraft facilities, a practice McIntyre strongly condemns.. The submission also spotlights the lack of transparency and the one-size-fits-all approach banks take to lending. Many farmers find themselves stuck in high-interest overdraft facilities that never return to positive balances, with banks reluctant to offer more sustainable solutions such as converting overdrafts to term debt. McIntyre emphasised that this practice leaves farmers vulnerable, with overdraft rates often 3-4% higher than term debt.  Federated Farmers is calling for fair access to more efficient debt structures, particularly term debt, which would allow farmers to plan for the long term.  Alexandra gears up for world-class Merino shearing showdown Central Otago's Alexandra is bracing for a woolly invasion as over 150 elite competitors descend upon the town for the world's premier merino shearing and woolhandling championships. This unique two-day spectacle, kicking off Shearing Sports New Zealand's action-packed season, will unfold at Molyneaux Stadium today and tomorrow. The event is unparalleled, being the only contest dedicated to merino shearing. The championship will see more than 1200 wethers from Northburn Station and Merino Ridge under the shears, each animal expected to yield 5-6 kgs of high-quality fine wool. The championship lineup includes open and senior shearing categories, alongside open, senior, and junior woolhandling divisions.  Raising the stakes, the open event's top performers will secure spots on the national team, representing New Zealand in the upcoming trans-tasman test in Katanning, West Australia, during Labour Weekend. Defending champions are returning to maintain their titles. Leon Samuels, recently acclaimed as a Master Shearer and now Roxburgh-based, aims to build on his remarkable winning streak that began with last year's open shearing final victory. Meanwhile, Milton's Tia Potae seeks to retain her crown in the open woolhandling category. The open shearing heats serve a dual purpose, marking the first round of the PGG Wrightson Vetmed National Shearing Circuit. This series spans five qualifying rounds across various wool types, culminating at Masterton's Golden Shears in March. The championship commences at 7:45 am today and tomorrow, with woolhandling taking centre stage on today, followed by shearing events this afternoon and Saturday. ANZCO Foods strikes gold at World Steak Challenge New Zealand's reputation for premium beef has received a significant boost, with ANZCO Foods clinching seven medals across three of its top-tier brands at the 2024 World Steak Challenge in Amsterdam. The company's stellar performance also earned it a finalist spot in the inaugural Large Producer Award category. ANZCO's Stony River Black Angus brand led the charge, securing a coveted gold medal for its sirloin and a bronze for its ribeye. The Greenstone Creek line impressed judges with silver medals for both tenderloin and ribeye, while its sirloin earned a bronze. Ocean Beef rounded out the company's success with a silver medal for tenderloin and a bronze for ribeye. Rick Walker, ANZCO Foods general manager of sales and marketing, is proud of the company's achievements, highlighting the gold medal win as a continuation of their four-year streak at these esteemed awards. Walker emphasised that these accolades reflect the dedication of their farmers and the skill of their processing teams, both crucial elements in  Established in 2015, the World Steak Challenge has become a premier event for beef producers and suppliers worldwide to showcase their finest products. The rigorous judging process involves over 80 independent experts evaluating each entry. The world's best steak and the winner of the Large Producer Award will be revealed at a formal ceremony in London on November 11. See omnystudio.com/listener for privacy information.