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Independent Animal Nutrition Industry Advisory

DW: New Zealand sheep farmers fight for their future Wool was once New Zealand’s biggest export product. Now global competition from synthetic materials is putting sheep farmers under pressure. Sheep and beef farming is a key component of New Zealand’s agricultural industry and the nation’s economy. Like many other agricultural sectors, sheep and beef farmers are impacted by weather fluctuations, evolving consumer preferences, global trade dynamics, and economic factors. So how are these farmers doing currently, and what can they expect in the coming months? Business leaders across New Zealand are grappling with challenging economic conditions, and beef and sheep farmers are not immune. Farm profitability was worse than forecast in 2023-2024, and Beef + Lamb NZ is forecasting farm profit to decrease by 7.4% in the 2024-2025 season, due to increased expenditure and high interest rates. More positively, farmers will likely be pleased with the Reserve Bank’s recent OCR cut and may see some light at the end of the tunnel, however the impact of reduced interest rates will take time for the sector to feel significant relief. https://lnkd.in/dS7wqJUz #sheep #lamb #wool #farming

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