Rabobank's New Zealand/Australia Agribusiness Review September 2007

Please find attached, for your information, a link to the September 2007 Australia and New Zealand Agribusiness Review from Rabobank.

Prepared by our Food & Agribusiness Research (FAR) division, the report provides monthly commentary on New Zealand and Australian economic and agricultural conditions. Highlighted in this report:

- Both the New Zealand and Australian dollar were extremely volatile in August, falling from their recent highs to the relief of many exporters

- Typical spring conditions are expected over the coming months in New Zealand, however, grass growth in many parts of the country is delayed following a relatively cold winter in the south and recovery is still underway from the autumn drought on the east coast of the North Island.

- NZ cattle prices have appreciated 13% in the north island over the past month with steer and heifer slaughter 7% and 9% behind the same time last year

- International prices for cheese and butter continued their climb in August while powder prices have paused for the time being

ENDS