Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


NZX offers milk forecasting services to dairy industry

NZX offers milk forecasting services to dairy industry

By Tina Morrison

Oct. 1 (BusinessDesk) - NZX, which operates the New Zealand stock exchange and the dairy futures market, is offering a new service for the dairy industry to forecast local milk production and calculate milk prices.

From this month, NZX is offering a Milk Production Predictor, which estimates New Zealand milk production for the coming three months, with forecasts based on climate, pasture growth and cow numbers, the Wellington-based company said in a statement. The data will be available by subscription for $199 a month.

The exchange is also starting a Farmgate Milk Price Calculator to help farmers translate GlobalDairyTrade auction prices into the prices they are likely to receive at the farmgate for milk solids, it said. The service is free to registered users.

"Both these tools represent a step-change in dairy forecasting," said NZX chief executive Tim Bennett. "We have built these tools to help create more transparency in the marketplace - good information is valuable for the dairy sector."

Fonterra Cooperative Group, the world's biggest dairy exporter, holds its next fortnightly GlobalDairyTrade auction early tomorrow morning. Dairy prices edged up from a two-year low at the last event, having slumped about 45 percent from a peak in February. Dairy products are New Zealand's biggest commodity export, worth an annual $15.9 billion in the year through August. Last month, Fonterra cut its forecast 2015 milk price payout by about 12 percent to $5.30 per kilogram of milk solids from a previous forecast of $6/kgMS, citing weaker global dairy prices.

The NZX's online services have been developed by its agri-information division and Massey University with funding support from Callaghan Innovation.

BusinessDesk receives assistance from Callaghan Innovation to cover commercialisation of innovation.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>