December 2, 2025 • 7 mins
Don Moore looks at the eighth GDT auction drop in a row and what it means for the milk payout.
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Episode Transcript
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Speaker 1 (00:02):
This interview brought to you by Agress into South Branches
in Lawnville. Gore Cromwell, Milton and Ranfilly dropped by your
local Agress into South Branch today.
Speaker 2 (00:15):
Done more farms of McNabb.
Speaker 3 (00:17):
He's part of the Fonterra Shareholders Counsel and joins us
this afternoon.
Speaker 2 (00:20):
Although done, good afternoon.
Speaker 3 (00:22):
You're out and about on your on your vespers and
your little scooters.
Speaker 2 (00:26):
By the sounds of it, what's the.
Speaker 4 (00:27):
Go Yeah, yeah, I we'll just do it a bit
of a test ride where it was us chest of
myself and a few friends. We've signed up for the
scooter Challenge in March from Tarratonga to town. How so
we thought we've done a bit of work this morning
and we thought, right, we'll have a break and head
out to get out to Mendiville for lunch and take
(00:51):
our scooters for a ride.
Speaker 3 (00:52):
See when I when I did the scooter challenge last year,
Porky Smith and at South only went for a test
drive a week before the event.
Speaker 2 (00:58):
You've gone about half a year.
Speaker 4 (01:00):
Yeah, yeah, Well I actually part of the reason and
I actually just did a bit of work on my
I've got a nineteen sixty nine hundred cl fifty and
I just had a bit of panel work and things
done it, so I only put it back together and
finish putting together about ten o'clock last night. So we'll
take it for a ride and make sure we sort
of iron out in the kinks. Got a couple of
things I'll do when I get back.
Speaker 3 (01:20):
Yeah, Southern Skirtered Challenge happening, like you're say, in March.
There's going to be a couple of teams from Hocknu
involved in that as well. That's going to be a
great occasion. But what wasn't a great occasion unfortunately, was
a GDT result overnight the Eights dropping a rod on.
Speaker 4 (01:34):
Yeah, yeah, yeah, I think you know everyone's seen this coming.
It's been talked about quite widely, you know, production overseas
and things and what's happening with crosses overseas as well.
It's on the back of that, and I don't think
we could expect too much else really, although it's never
nice to see.
Speaker 3 (01:54):
It'll start putting pressure on the payout though. Yes, again,
and we just had that drop and Fonterra any last week.
Speaker 4 (02:01):
Yeah, definitely, And it's something that you know, last couple
of years, Fronteri has increased its advanced rate for the
milk price. So it's something they'll have to watch very
very closely, and I know they do just to make
sure that they're not overpaying a what a final milk
price might end up at. So yeah, they'll be on
top of it and keep us notified in due course
(02:23):
if there needs to be further changes. But oh, you know,
I fingers crossed. We're on the back of just coming
off the top of peak milk things now and traditionally
we have seen you know, GDT cycles cycled down during
as we lead into our peak, and so hopefully as
(02:44):
things ease off and milk volumes on the GDT auctions
start to decrease, that we that we see maybe a
bit more positive response later and well into the new year.
Speaker 3 (02:55):
There's not so much about New Zealand situation though. I
think it's a case of places like Australia for example,
the milk's applay coming out of there at the moment,
there's a lot of volume.
Speaker 4 (03:04):
Yeah, yeah, certainly it is. There's a lot of volume
and several places around the world. But in saying that,
you know, farmers have been quick to respond in the
last eighteen months to high milk prices and put more
feed and then produce more milk, so, you know, just
within New Zealand as well, So that is seeing an
(03:24):
increase in whole milk powder in the mix and on
GDT options.
Speaker 2 (03:31):
Well, it's a double edged sword as well. Done.
Speaker 3 (03:33):
We can pretty much put buttergate to bed now that
dropped twelve point four percent, But then we look to
the mint situation. Is now mintsgate based on the price
of mints and the supermarkets. But saying that as well,
we just look at what you're getting for a color
animal and it's a double edged sword. Perhaps any cows
you're thinking about taking out of your system, this is
the perfect time to do it.
Speaker 4 (03:54):
Yeah, it is. Yeah. Yeah, we sent a few scraggly
ones away and you know last week and we just
had the statement through yesterday and I was very, very
pleasantly surprised at what we've got for those. So yeah,
it certainly made me reflect on those headlines of mints
(04:17):
prices and things, and you can see why the mints
prices jumped so much when we're getting twice what we
were getting only a few years ago. For for a
mince cows here are.
Speaker 3 (04:30):
You're pretty confident we're going to see a solidifying of
the GDT as such after this.
Speaker 4 (04:36):
Ah. Look, I wouldn't like to predict anything. I'm hopeful.
I'm hopeful, but you know, and like I say, that's
where things have gone traditionally in the past. But you
can never count on anything being normal.
Speaker 3 (04:48):
There's no real new normal anymore, I suppose when you
think about it.
Speaker 4 (04:51):
No, and that's you know, we've got a whole heap
of tariff barriers and bits and pieces in the mix
that not necessarily our tariff barriers but other countries terrior
of barriers that have bigger effects on their economy and
how that flows through to purchasing goods off us as well.
So yeah, there's a heap of heap of things in
the mix.
Speaker 2 (05:10):
Yeah. The terror situation is almost more of a reaction
as well.
Speaker 4 (05:13):
Yeah, definitely. Yeah. Yeah, And it seems to be no
rhyme or rhythm, and you can't you can't predict anything
on which way, whether they'll go up or down or
stay the same.
Speaker 2 (05:24):
Now it's like a box of chocolates.
Speaker 3 (05:26):
You don't know what trap he's going to come up
with next Now on the farm, we're getting towards the
Christmas rush.
Speaker 2 (05:31):
How's everything been.
Speaker 4 (05:32):
Are you busy? Yeah? Yeah, dealing with a lot of
grass at the moment, which is a fantastic problem to have,
but certainly conversations around maintaining quality and things like that.
A lot of bailer's being made and crops and grass
that was in the ground nice and much earlier this year.
So I've still got a couple of paddocks myself to
(05:53):
finish off, but hoping to get that nailed off as
it tries out a bit more sort of closer to
the end of the week and over the weekend.
Speaker 3 (06:00):
A lot of people talking about being too wet or
too dry, but to McNab, you're holding pretty firm.
Speaker 4 (06:07):
Yeah. I mean the rain has been very timely. It's
been talked about quite a bit, haven't it that. You
know that we had a good rain the other day
and it came and probably just in the nick of time,
just to keep things moving. It's not that we're in
a bad situation, but to keep things moving. And it's
looking good for Sunday Monday, looking pretty good to you next.
Speaker 3 (06:25):
Week absolutely, Hey, we'll leave it there, mate, always appreciate
your time on the muster here, just and the kids.
You enjoy the festive season. Name you got anything in
the pipeline in particular.
Speaker 4 (06:36):
Yeah, we're actually we are. That's probably put a bit
more pressure on we are. We're heading over to ODI
for a couple of weeks, so yeah. Our oldest boy, Harry,
he's off to college next year, so we we're trapping
them all in in a camp event and traveling the
Great Ocean Road. So that'll be pretty neat experience we're
looking forward to, but a lot of years. Definitely having
(06:56):
a bit of pressure to get the jobs ticked off.
Speaker 2 (07:00):
And you're doning. Always appreciate your time. Good luck on
that scooter.
Speaker 4 (07:02):
Yeah, yeah, cheers mate, We'll see you there.
Speaker 3 (07:06):
Done more farming at McNab part of the Fonterra Shareholders Counsel.
Speaker 2 (07:10):
You're listening to the muster up next?
Speaker 3 (07:12):
David Frame from Craig's Investment Partners
This interview brought to you by Agress into South Branches
in Lawnville. Gore Cromwell, Milton and Ranfilly dropped by your
local Agress into South Branch today.
Speaker 2 (00:15):
Done more farms of McNabb.
Speaker 3 (00:17):
He's part of the Fonterra Shareholders Counsel and joins us
this afternoon.
Speaker 2 (00:20):
Although done, good afternoon.
Speaker 3 (00:22):
You're out and about on your on your vespers and
your little scooters.
Speaker 2 (00:26):
By the sounds of it, what's the.
Speaker 4 (00:27):
Go Yeah, yeah, I we'll just do it a bit
of a test ride where it was us chest of
myself and a few friends. We've signed up for the
scooter Challenge in March from Tarratonga to town. How so
we thought we've done a bit of work this morning
and we thought, right, we'll have a break and head
out to get out to Mendiville for lunch and take
(00:51):
our scooters for a ride.
Speaker 3 (00:52):
See when I when I did the scooter challenge last year,
Porky Smith and at South only went for a test
drive a week before the event.
Speaker 2 (00:58):
You've gone about half a year.
Speaker 4 (01:00):
Yeah, yeah, Well I actually part of the reason and
I actually just did a bit of work on my
I've got a nineteen sixty nine hundred cl fifty and
I just had a bit of panel work and things
done it, so I only put it back together and
finish putting together about ten o'clock last night. So we'll
take it for a ride and make sure we sort
of iron out in the kinks. Got a couple of
things I'll do when I get back.
Speaker 3 (01:20):
Yeah, Southern Skirtered Challenge happening, like you're say, in March.
There's going to be a couple of teams from Hocknu
involved in that as well. That's going to be a
great occasion. But what wasn't a great occasion unfortunately, was
a GDT result overnight the Eights dropping a rod on.
Speaker 4 (01:34):
Yeah, yeah, yeah, I think you know everyone's seen this coming.
It's been talked about quite widely, you know, production overseas
and things and what's happening with crosses overseas as well.
It's on the back of that, and I don't think
we could expect too much else really, although it's never
nice to see.
Speaker 3 (01:54):
It'll start putting pressure on the payout though. Yes, again,
and we just had that drop and Fonterra any last week.
Speaker 4 (02:01):
Yeah, definitely, And it's something that you know, last couple
of years, Fronteri has increased its advanced rate for the
milk price. So it's something they'll have to watch very
very closely, and I know they do just to make
sure that they're not overpaying a what a final milk
price might end up at. So yeah, they'll be on
top of it and keep us notified in due course
(02:23):
if there needs to be further changes. But oh, you know,
I fingers crossed. We're on the back of just coming
off the top of peak milk things now and traditionally
we have seen you know, GDT cycles cycled down during
as we lead into our peak, and so hopefully as
(02:44):
things ease off and milk volumes on the GDT auctions
start to decrease, that we that we see maybe a
bit more positive response later and well into the new year.
Speaker 3 (02:55):
There's not so much about New Zealand situation though. I
think it's a case of places like Australia for example,
the milk's applay coming out of there at the moment,
there's a lot of volume.
Speaker 4 (03:04):
Yeah, yeah, certainly it is. There's a lot of volume
and several places around the world. But in saying that,
you know, farmers have been quick to respond in the
last eighteen months to high milk prices and put more
feed and then produce more milk, so, you know, just
within New Zealand as well, So that is seeing an
(03:24):
increase in whole milk powder in the mix and on
GDT options.
Speaker 2 (03:31):
Well, it's a double edged sword as well. Done.
Speaker 3 (03:33):
We can pretty much put buttergate to bed now that
dropped twelve point four percent, But then we look to
the mint situation. Is now mintsgate based on the price
of mints and the supermarkets. But saying that as well,
we just look at what you're getting for a color
animal and it's a double edged sword. Perhaps any cows
you're thinking about taking out of your system, this is
the perfect time to do it.
Speaker 4 (03:54):
Yeah, it is. Yeah. Yeah, we sent a few scraggly
ones away and you know last week and we just
had the statement through yesterday and I was very, very
pleasantly surprised at what we've got for those. So yeah,
it certainly made me reflect on those headlines of mints
(04:17):
prices and things, and you can see why the mints
prices jumped so much when we're getting twice what we
were getting only a few years ago. For for a
mince cows here are.
Speaker 3 (04:30):
You're pretty confident we're going to see a solidifying of
the GDT as such after this.
Speaker 4 (04:36):
Ah. Look, I wouldn't like to predict anything. I'm hopeful.
I'm hopeful, but you know, and like I say, that's
where things have gone traditionally in the past. But you
can never count on anything being normal.
Speaker 3 (04:48):
There's no real new normal anymore, I suppose when you
think about it.
Speaker 4 (04:51):
No, and that's you know, we've got a whole heap
of tariff barriers and bits and pieces in the mix
that not necessarily our tariff barriers but other countries terrior
of barriers that have bigger effects on their economy and
how that flows through to purchasing goods off us as well.
So yeah, there's a heap of heap of things in
the mix.
Speaker 2 (05:10):
Yeah. The terror situation is almost more of a reaction
as well.
Speaker 4 (05:13):
Yeah, definitely. Yeah. Yeah, And it seems to be no
rhyme or rhythm, and you can't you can't predict anything
on which way, whether they'll go up or down or
stay the same.
Speaker 2 (05:24):
Now it's like a box of chocolates.
Speaker 3 (05:26):
You don't know what trap he's going to come up
with next Now on the farm, we're getting towards the
Christmas rush.
Speaker 2 (05:31):
How's everything been.
Speaker 4 (05:32):
Are you busy? Yeah? Yeah, dealing with a lot of
grass at the moment, which is a fantastic problem to have,
but certainly conversations around maintaining quality and things like that.
A lot of bailer's being made and crops and grass
that was in the ground nice and much earlier this year.
So I've still got a couple of paddocks myself to
(05:53):
finish off, but hoping to get that nailed off as
it tries out a bit more sort of closer to
the end of the week and over the weekend.
Speaker 3 (06:00):
A lot of people talking about being too wet or
too dry, but to McNab, you're holding pretty firm.
Speaker 4 (06:07):
Yeah. I mean the rain has been very timely. It's
been talked about quite a bit, haven't it that. You
know that we had a good rain the other day
and it came and probably just in the nick of time,
just to keep things moving. It's not that we're in
a bad situation, but to keep things moving. And it's
looking good for Sunday Monday, looking pretty good to you next.
Speaker 3 (06:25):
Week absolutely, Hey, we'll leave it there, mate, always appreciate
your time on the muster here, just and the kids.
You enjoy the festive season. Name you got anything in
the pipeline in particular.
Speaker 4 (06:36):
Yeah, we're actually we are. That's probably put a bit
more pressure on we are. We're heading over to ODI
for a couple of weeks, so yeah. Our oldest boy, Harry,
he's off to college next year, so we we're trapping
them all in in a camp event and traveling the
Great Ocean Road. So that'll be pretty neat experience we're
looking forward to, but a lot of years. Definitely having
(06:56):
a bit of pressure to get the jobs ticked off.
Speaker 2 (07:00):
And you're doning. Always appreciate your time. Good luck on
that scooter.
Speaker 4 (07:02):
Yeah, yeah, cheers mate, We'll see you there.
Speaker 3 (07:06):
Done more farming at McNab part of the Fonterra Shareholders Counsel.
Speaker 2 (07:10):
You're listening to the muster up next?
Speaker 3 (07:12):
David Frame from Craig's Investment Partners
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