New Zealand’s recession is rural, with farmers describing the state of the economy in dire terms.
Speaking to Markets with Madison at Fieldays, a Fonterra supplier said his Waikato dairy farm was unlikely to break-even next year with a lower forecast farmgate milk price midpoint of $8.00.
“It’s not looking good. I can see people having to go to the bank and update overdrafts tremendously just to cover costs.”
Silver Fern Farms chief customer officer Dave Courtney and Zespri CEO Dan Mathieson agreed this year was tougher than most for farmers and fruit growers.
