EDITORIAL:

A new report predicting the demise of animal farming due to the rise of protein technology will have gone down like a four-day old cow pat in rural New Zealand.

The last thing farmers need right now is more doom and gloom.

They are already facing increasing environmental regulation, extra compliance costs and tightening bank credit conditions. And until recently, Fonterra's declining share price and lack of dividend has played havoc on the equity and loan-to-value ratios for dairy farmers.

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Just as well the farmgate milk price is holding up while sheep and beef prices remain stronger than ever.

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