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NZ/Australian Agribusiness Review July 2007
Rabobank's New Zealand/Australian Agribusiness Review July 2007
Please find attached a link to the July 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:
- New Zealand's east coast of the North Island received heavy rain, while snow blanketed the lower South Island on several occasions. June was notable for heavy rainfall and cold temperatures across many parts of Australia, ending dry conditions for many regions.
- The NZD and AUD both found new highs over recent weeks at 0.8599 and 0.7840 respectively.
- Despite the currency, NZD dairy export prices at the end of June were significantly above the 2006/07 season average with powders (including casein) 40-55% higher, butter up 30% and cheese up 24%.
- International dairy prices continued their upward surge leading Australian processors to announce 2007/08 opening prices 30-40% above last season's opening levels.
Tight Australian lamb and mutton supplies have increased price expectations for 2007/08.
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