September 16, 2025 • 7 mins
Don Moore says the slight correction in the recent GDT auction doesn't reflect the mood in the dairy sector.
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Episode Transcript
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Speaker 1 (00:15):
Welcome back to the Mustard. Died More joins us. He
has a farmer McNabb, dairy farmer who's part of the
Fonterra Shareholder Council, and a blockdown there at Remu as
well where he joins us this afternoon. Don, good afternoon. Firstly,
it's been an average morning down here in g Town.
How's it looking there down south further Yeah, moon.
Speaker 2 (00:34):
Andy, Yeah, Hey, it's it's wet. Probably the'siest way to
describe it. There's a bit of water sitting around the
place as for sure. It's Yeah, it's makes for some
challenges in the last week or two, just trying to
you know, stick to grazing rotation planners but not cause damage.
So you know we'll have to open up a panics
a bit and keep cows moving and you know that
(00:57):
you do that cautiously as you sort of watching grass
growth behind. We had a bloody good August, so fortunately,
you know there's a there's a good sort of wall
of grass coming through for the second round to start with.
But yeah, well we'd like to see a bit more sunshine.
Speaker 1 (01:13):
Yeah, James, there you made the opposite observation before comparing
this time of year to last year, which was pretty heroic,
horrific as we know. Spring wise, how how do you
find the situation from what you've seen.
Speaker 2 (01:27):
Yeah, I think like it's it's pretty weched out there
at the moment. But we're coming off the back of
just amazing May, June, July, August, so I think everyone's
got a bit more spring in the step. Everyone's everyone's
a bit more organized, and you know, the processes have
gone well and and processes as well established them, and
(01:47):
so that's made it a bit easier. You can put
up with a bit of stuff when it's for a
few weeks and things like that. This time last year
we were sort of it was getting worse and we
were already exhausted at the end of ten. So that
you own a big difference in that respect.
Speaker 1 (02:01):
Yeah, you were still looking at a midpoint range of
ten dollars on the payout. Of course, the GDT auction
last night a slight correction back point eight percent very quickly.
In hydrous milk fat back one point five percent, but
of back zero point eight, cheddar plus two point two,
mots araula back nine point six, skim milk powder back
zero point three and the big one whole milk powder
(02:23):
back zero point eight. Is this just expected for the
middle of September.
Speaker 2 (02:28):
Look, I would take it as a as a flat
ouction result. Really, anything you know, less than a cent
or so is pretty steady. You know, I was off
the back of the bigger drop last GDT auction, but
if you were looking at it sort of over over
the last three months, it's still looking pretty sweet. So yeah,
(02:50):
I think it's it's not a bad result to have
as got more increasing bodume available on that DDT platform,
and there's reports of increased production coming up that get
you some things that we have got a reason what
i'd call a steady option results, So I'm happy. Yeah.
Speaker 1 (03:06):
So it's a case of wait and see perhaps for
the next two actions or the next auction in particular,
to see what happens as far as price wise, as
far as prices, to see where we go perhaps. Yeah.
Speaker 2 (03:18):
Yeah, I mean these next couple of months is their
peak production, right, so that's going to have a large
impact on where were things that land at the end
of the season, which you know, that's we're going to
remember that's more than twelve months away until we find
out what the final process for this current season to.
Speaker 1 (03:34):
See last time we caught up with you don tels
before the Fonterra, Before Fonterra sorry announcing that Leactalis, the
French company, buying its global consumer brands for three point
eight four five billion dollars obviously still to be ratified.
It's interesting how this is going to go down the
line of suppose from some people arguing perhaps why is
(03:54):
Fonterra is selling out where the other side of the
coiners were two dollars clear press year in speak to bonus.
Speaker 2 (04:01):
Yeah, I think it's all good discussion and there's valid
points on both sides of the spectrums. So all I
can there as a counselor really has encouraged people to
get along to the annual results meetings which will be
coming up sort of first of October. I think they
sort of kick off or something around that time after
the announcements made at the end of last week around
(04:23):
annual results, and get along to those road shows. You know.
I understand they'll be recorded a talk around what remain
co looks like going forward and what those targets look like,
and really the opportunity is to be informed and then
use that information to you with your democratic process of voting,
(04:47):
and I just encourage everyone to be involved in that
process as much as they can.
Speaker 1 (04:51):
I have a three point eight billion dollars transactions in
New Zealand business don't come any bigger.
Speaker 2 (04:57):
Oh yeah, it's a pretty good deal. Yeah, and that's
why I it's important to get involved and understand and
make it, you know, if you've got questions, and make
them heard and ultimately vote the way you feel you
need to. Yeah.
Speaker 1 (05:14):
Well, less a reflection of the season though, like you
said before, you you're not too concerned with the way
the g T dropped last night. You talk about the
positives as well fro terror that Dalla says we just
alluded to. But in general the dairy season, just looking ahead,
it still looks reasonably good. Yeah.
Speaker 2 (05:30):
Yeah, yeah, we were early days yet. Of course, in
terms of heading through the spring period, we're only two
weeks into spring. I think we've already had more rain
to spring than we had for the whole winter. So yeah,
there's a long way to go. Yeah, the day is
sitting getting longer, and like we were talking about off
(05:50):
here before the the you know east, there's a lot
of rain, but it is more the rain this week
than last week, and so I take that as as
and and hopefully we can continue to see brass growth
rates improve over the next couple of weeks. That's spring
for you, though, isn't it. It sort of becomes much
more sort of location specific, and those I mean there's
(06:15):
up until up at all probably we could go we
were getting fronts, but there were we're sort of you know,
long lasted and now we've sort of got probably which
is technical string with it, something that's settled in a
bit more. But you know, we had a great daily
so it was beautiful man. Yeah, here will be to
rain today and hopefully the next couple of days are
going to provide a bit of relief again.
Speaker 1 (06:36):
Yeah, and just looking at the forecast, we are looking
at temperatures warming up, so we've got to take some
positives there. Good on. You don't always appreciate your time.
Speaker 2 (06:43):
Yeah, thanks very much, Slee. Well picture done.
Speaker 1 (06:48):
More farms and mcdah has a runoff has a block
as well down at Freemi and he's dead right as well.
You just put things into perspective. The weather's not flesh
at the moment, but just prices across the order reflective
of a lot of buoyancy in the Secutor, I suppose,
especially in the red meat space and in the dairy space.
Kate dan Levy joins us next from dairy in Ze.
(07:09):
This is the muster
Welcome back to the Mustard. Died More joins us. He
has a farmer McNabb, dairy farmer who's part of the
Fonterra Shareholder Council, and a blockdown there at Remu as
well where he joins us this afternoon. Don, good afternoon. Firstly,
it's been an average morning down here in g Town.
How's it looking there down south further Yeah, moon.
Speaker 2 (00:34):
Andy, Yeah, Hey, it's it's wet. Probably the'siest way to
describe it. There's a bit of water sitting around the
place as for sure. It's Yeah, it's makes for some
challenges in the last week or two, just trying to
you know, stick to grazing rotation planners but not cause damage.
So you know we'll have to open up a panics
a bit and keep cows moving and you know that
(00:57):
you do that cautiously as you sort of watching grass
growth behind. We had a bloody good August, so fortunately,
you know there's a there's a good sort of wall
of grass coming through for the second round to start with.
But yeah, well we'd like to see a bit more sunshine.
Speaker 1 (01:13):
Yeah, James, there you made the opposite observation before comparing
this time of year to last year, which was pretty heroic,
horrific as we know. Spring wise, how how do you
find the situation from what you've seen.
Speaker 2 (01:27):
Yeah, I think like it's it's pretty weched out there
at the moment. But we're coming off the back of
just amazing May, June, July, August, so I think everyone's
got a bit more spring in the step. Everyone's everyone's
a bit more organized, and you know, the processes have
gone well and and processes as well established them, and
(01:47):
so that's made it a bit easier. You can put
up with a bit of stuff when it's for a
few weeks and things like that. This time last year
we were sort of it was getting worse and we
were already exhausted at the end of ten. So that
you own a big difference in that respect.
Speaker 1 (02:01):
Yeah, you were still looking at a midpoint range of
ten dollars on the payout. Of course, the GDT auction
last night a slight correction back point eight percent very quickly.
In hydrous milk fat back one point five percent, but
of back zero point eight, cheddar plus two point two,
mots araula back nine point six, skim milk powder back
zero point three and the big one whole milk powder
(02:23):
back zero point eight. Is this just expected for the
middle of September.
Speaker 2 (02:28):
Look, I would take it as a as a flat
ouction result. Really, anything you know, less than a cent
or so is pretty steady. You know, I was off
the back of the bigger drop last GDT auction, but
if you were looking at it sort of over over
the last three months, it's still looking pretty sweet. So yeah,
(02:50):
I think it's it's not a bad result to have
as got more increasing bodume available on that DDT platform,
and there's reports of increased production coming up that get
you some things that we have got a reason what
i'd call a steady option results, So I'm happy. Yeah.
Speaker 1 (03:06):
So it's a case of wait and see perhaps for
the next two actions or the next auction in particular,
to see what happens as far as price wise, as
far as prices, to see where we go perhaps. Yeah.
Speaker 2 (03:18):
Yeah, I mean these next couple of months is their
peak production, right, so that's going to have a large
impact on where were things that land at the end
of the season, which you know, that's we're going to
remember that's more than twelve months away until we find
out what the final process for this current season to.
Speaker 1 (03:34):
See last time we caught up with you don tels
before the Fonterra, Before Fonterra sorry announcing that Leactalis, the
French company, buying its global consumer brands for three point
eight four five billion dollars obviously still to be ratified.
It's interesting how this is going to go down the
line of suppose from some people arguing perhaps why is
(03:54):
Fonterra is selling out where the other side of the
coiners were two dollars clear press year in speak to bonus.
Speaker 2 (04:01):
Yeah, I think it's all good discussion and there's valid
points on both sides of the spectrums. So all I
can there as a counselor really has encouraged people to
get along to the annual results meetings which will be
coming up sort of first of October. I think they
sort of kick off or something around that time after
the announcements made at the end of last week around
(04:23):
annual results, and get along to those road shows. You know.
I understand they'll be recorded a talk around what remain
co looks like going forward and what those targets look like,
and really the opportunity is to be informed and then
use that information to you with your democratic process of voting,
(04:47):
and I just encourage everyone to be involved in that
process as much as they can.
Speaker 1 (04:51):
I have a three point eight billion dollars transactions in
New Zealand business don't come any bigger.
Speaker 2 (04:57):
Oh yeah, it's a pretty good deal. Yeah, and that's
why I it's important to get involved and understand and
make it, you know, if you've got questions, and make
them heard and ultimately vote the way you feel you
need to. Yeah.
Speaker 1 (05:14):
Well, less a reflection of the season though, like you
said before, you you're not too concerned with the way
the g T dropped last night. You talk about the
positives as well fro terror that Dalla says we just
alluded to. But in general the dairy season, just looking ahead,
it still looks reasonably good. Yeah.
Speaker 2 (05:30):
Yeah, yeah, we were early days yet. Of course, in
terms of heading through the spring period, we're only two
weeks into spring. I think we've already had more rain
to spring than we had for the whole winter. So yeah,
there's a long way to go. Yeah, the day is
sitting getting longer, and like we were talking about off
(05:50):
here before the the you know east, there's a lot
of rain, but it is more the rain this week
than last week, and so I take that as as
and and hopefully we can continue to see brass growth
rates improve over the next couple of weeks. That's spring
for you, though, isn't it. It sort of becomes much
more sort of location specific, and those I mean there's
(06:15):
up until up at all probably we could go we
were getting fronts, but there were we're sort of you know,
long lasted and now we've sort of got probably which
is technical string with it, something that's settled in a
bit more. But you know, we had a great daily
so it was beautiful man. Yeah, here will be to
rain today and hopefully the next couple of days are
going to provide a bit of relief again.
Speaker 1 (06:36):
Yeah, and just looking at the forecast, we are looking
at temperatures warming up, so we've got to take some
positives there. Good on. You don't always appreciate your time.
Speaker 2 (06:43):
Yeah, thanks very much, Slee. Well picture done.
Speaker 1 (06:48):
More farms and mcdah has a runoff has a block
as well down at Freemi and he's dead right as well.
You just put things into perspective. The weather's not flesh
at the moment, but just prices across the order reflective
of a lot of buoyancy in the Secutor, I suppose,
especially in the red meat space and in the dairy space.
Kate dan Levy joins us next from dairy in Ze.
(07:09):
This is the muster
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