World prices for a basket of New Zealand's export commodities eased last month but a softer exchange rate more than compensated for the decline.

Surging dairy prices have pushed the terms of trade to a 40-year high.

Higher dairy export prices have driven New Zealand's terms of trade to their highest point since 1973, Statistics NZ says.

Italy's Barilla family, founders of the world's largest pasta company, have paid $25m to buy a South Island dairy farm from Federated Farmers chairman Willy Leferink and his wife.

The 2013-14 export lamb kill will be the lowest in 50 years because of last summer's drought, but better prices should compensate for the lost volume.

Australia's largest dairy cooperative Murray Goulburn (MG) looks set to follow Fonterra in adopting a specialised financial instrument to expand its capital base while retaining exclusive farmer ownership and control.

The loosening of China's one-child policy is expected to provide a boost for New Zealand infant formula exporters.

New Zealand and Australian employees of infant formula manufacturer Nutricia could be the latest victims of Fonterra's botulism botch-up.

Meat and green-lipped mussels had PM John Key back in more comfortable territory on a trade trip in Bangkok, after days of scrutiny of his reaction to Sri Lanka's human rights.

Prices of dairy products fell in the second straight GlobalDairyTrade auction overnight.

Push for higher volumes compromising our greatest export, write Gareth Morgan and Geoff Simmons. "The future of NZ's dairy industry should lie in quality, not quantity."