What's happening in the world of business, finance and economics today? We have the latest business, markets, currency and personal finance news, opinion and financial market reports.

1. Fieldays
The biggest annual event on the farming calendar opens today at Mystery Creek, Hamilton today and finishes on Saturday. Finance Minister Bill English will be there and other Cabinet ministers are also expected to be in attendance.

2. Dairy
The results of the latest global dairy trade auction results will be released early tomorrow morning. Craig's Mark Lister says that given positive trends in other commodities of late, and weaker US dollar, "we would hope to see a modest rise in dairy prices. At the last GDT auction, the headline index was up 3.4 per cent, but whole milk powder prices slipped 1.7 per cent. Still, since the lows of earlier in the year, prices are up 10.9 per cent and 16.4 per cent respectively. On an annual basis, they are effectively flat, having risen just 2 per cent and 1 per cent from where they were this time last year."

3. Housing
The Real Estate Institute of New Zealand will release the data on May sales throughout New Zealand this morning at 9am. The colder months are traditionally slower for sales, compared to spring and summer. The sector is being closely watched by the Reserve Bank which regards runaway prices as a danger to the economy.


4. Economy
At 10.45am, Statistics NZ will release the quarterly balance of payments and international investment position data. This is for the three months from January through to March.

5. Property
Property For Industry's annual meeting is on today. The business was formed in 1993 as a specialist investor in industrial real estate assets.

6. Rail
The New Zealand Rail Conference opens at the Crowne Plaza Hotel in Auckland's Albert Street this morning.

7. Court
NZX v Ralec continues in Wellington. The operator of the New Zealand Stock Exchange is in court with Ralec, the developers of Clear, a Melbourne-based grain trading business. The judge-alone trial is expected to last up to nine weeks.