The Muster Full Show: 27/08/25

Andy Muir talks to Sam Grant, Steve Henderson, Kylie Fisken, Nathan Nelson, Russell Maloney and Warwick Howie.

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Episode Transcript

Speaker 1 (00:08):
Good afternoon, and welcome to the muster on Hakanoi. My
name is Andy Muller. I'm here until two o'clock thanks
to Peter's Genetics.

Speaker 2 (00:15):
Thanks for your company.

Speaker 1 (00:16):
On an overcast afternoon here in g ten, we'll look
at the weather shortly. It is getting a little bit
dicey over the weekend, but at the moment, just overcast
over main street, blue sky on the horizon. We'll see
what unfolds for the rest of the afternoon, but we'll
crank straight into it.

Speaker 2 (00:30):
Johnny Farnham for the Junes.

Speaker 3 (00:37):
Five day forecasts, brought to you by twin Farm, teff
Rom and saft text.

Speaker 2 (00:42):
The proof is in the progeny Tiffron dot co dot nz.

Speaker 1 (00:46):
This afternoon brings cloudy skies with breezy north easteries and
a higher thirteen Thursdays sunny with breezy northerly, seven and sixteenth.
Friday showers of breezy to brisk Westerley is one and ten.
Saturday showers of Bristol or Westley's one and eleven Sunday
rain with snowshowers on the horizon with breezy whistlies. A
high have two and six, so we just have to
see how this pans out over the next couple of days.

(01:08):
So temperatures Clinton six point five Northern South and six
point two, Reverton's six point fourteen, our six point five,
Turlor Rolla seven point nine went in seven six point
five and Moderlands at seven. Sam Grant of Craig's Investment
Partners gets us underwave, followed up by Steve Henderson farm
me at our Uha. We'll see how carving's going down
there for Stevo, Kylie Fuskin from Melton McClain, plus more

(01:31):
here in Gore, here's a chat Nathan Hounson, ow Deirry
and z looking at feed rotations heading into spring and
the likes and Russell Maloney's here on behalf of the
Clinton Ruby Cup.

Speaker 2 (01:42):
They need your help. They've got a.

Speaker 1 (01:44):
Machinery sale happening on Friday. But what's it all going to?
What's it all going towards?

Speaker 2 (01:49):
I should say?

Speaker 1 (01:50):
Russell towsers More Warwick Howe he out of PGG Wrights
and tells us of another outstanding kettle sail that occurred
this morning about Cluther Salyard's. By the sounds of it,
there will crack into the hour was Sam Grant. This
is a muster until two o'clock thanks of Peter's genetics.
Where you go, Johnny.

Speaker 4 (02:21):
The muster financial segment brought to you by Craig's Investment Partners, Gore.
This information is general in nature and is not financial advice.
Craig's Investment Partners Limited. Financial advice provided disclosure statement can
be found at craigsip dot com slash tcs.

Speaker 1 (02:39):
Sam Grant from Craig's Investment Partners joins us once again,
Good afternoon, afternoon, you today not too bad? Look, it's
defit all day on Friday. Seeing bunches of daffodils being
carted around the office, around the main street of Gore.

Speaker 2 (02:51):
It's just that time of year.

Speaker 5 (02:53):
Absolutely definitely are starting to feel like spring. Even cracked
out some lamb milk this morning, which for lambing willn't
look too good. So reminded me of my childhood weave it.

Speaker 2 (03:04):
How many lambs are you feeding?

Speaker 5 (03:06):
Just one at the moment, hopefully it stays.

Speaker 1 (03:08):
They won't be careful what you're wishing from that department,
matey Central Banks easing off the brakes at the moment.

Speaker 2 (03:16):
There's quite a bit going on.

Speaker 5 (03:17):
There, yees. So we've definitely send us all around the
world where and obviously we're seeing here in New Zealand
with reserved banks sort of cutting their interest rates effectively
as inflation has come down. And the one of the
sort of the one of the few ones that has
sort of held off doing this as the US and

(03:38):
what we had on Friday is Jerome Powell, who's the
fit cheer, who's effectively the similar to Reserve Bank chair
sort of indicating in a speech that they will probably
start cutting rates towards the second half or for the
rest of the year. Effectively, we did sort of make

(04:00):
if you mentioned around potential inflation risks, around tariffs. I
think what this shows is that central banks are probably
starting to worry more about economy slowing down as opposed
to high inflation. Yes, so bily by dropping interest rates
that can kind of help help economies. You're going because

(04:20):
people can buy money a lot cheaper as well as
and sort of center by those people to spend.

Speaker 1 (04:26):
As far as the uish economy, the Donald Trump effect
as a stagnating along given what he's been doing regarding terras, so.

Speaker 5 (04:34):
At the moment probably haven't seen the sort of full
effect of these terraffs. Yet you know, there are still
a fewer negotiations and the like. Probably the ones that's
hurting is sort of those sort of small It's probably
hurting households and smaller businesses a lot more which don't
have the flexibility to sort of move manufacturing or have

(04:55):
the sort of kettle behind them to sort of move
around lot more. But I think what we differently are
seen in out of the US is probably some definitely
some inflationary pressures there is that how sort of push
up prices domestically over there. And what you've probably also
seen is other countries tendre looking for other markets to

(05:15):
move into to move their product across. But given where
we were sort of an April where it was quite
doom and gloom, it's, yeah, it's sort of sort of
glossed over a wee bit more now.

Speaker 1 (05:27):
Yeah, speaking of Greg Eggs Ericson who's based over in
Canada a few weeks ago, Sam and they just and
Canada as such, they seem to be carrying on with
life as usual because a lot of the talk that
was coming out of the States hasn't actually eventuated as such.

Speaker 5 (05:41):
Yeah, I think the other thing you find as well.
You know, particularly in my job where we sort of
you know, we do focus on these big multinational companies
is you know, a lot of them already have manufacturing
in the US, and obviously if things have been manufactured domestically,
there's no towns on those products. So yeah, think what
we tending to find is a lot of companies through

(06:02):
you have it's a central amount of manufacturing overseas. And
then what you are seeing is some markets, then other
developed markets are sort of being flooded with more goods,
which is sort of pushing inflation down as well as
sort of another reason why rates have been cut is
product that was spects to go to the US is
now sort of going to other markets.

Speaker 1 (06:22):
The Reserve Bank of New Zealand they count the OCA
by point two five percent last week. More cats could
be coming.

Speaker 2 (06:28):
That's good.

Speaker 5 (06:29):
Yeah, so we're down to three percent now. I think
we peaked about five and a half percent, so sort
of two and a half percent out of that period.
The place is still sort of the high their high
twos at the moment, so sort of pushing that three percent.
But yeah, the one thing that was being like is
what had been stubborn ins like domestic inflation which is

(06:50):
starting to come down. So initially it was what we
call in portion inflation, so when we buy bids from
overseas had dropped substantially, which still have taken out overall
inflation rate down. But now I starting to see that
domestic complation come down, which I think because it was
a bit more confidence to continue cutting rates, which will

(07:11):
be fantastic obviously great for household Was there businesses alike effectively,
but the same again probably shows there beings probably just
a little bit concerned of growth slowing too much added
bit of stimulus thing.

Speaker 1 (07:26):
So let's take agriculture out of the picture for the
key we economy said, what else is going on there
that is positive at the moment, because you hear in
the media is doom and gloom.

Speaker 5 (07:35):
Yeah, absolutely, and yeah there's probably the key thing that
you get from the media at the moment is very
regional based. At the moment, I think the other one
that sort of agricultural sort of streaks ahead. But tourism
is not too bad at the moment, particularly and probably
you know the key areas sort of Queen's doun Lafe area,

(07:56):
and but then most other and just manufacturing is not
too bad. But yeah, the ones that that's sort of
really hurting us sort of the retail. The retail sector
is the one that's really struggling at the moment.

Speaker 2 (08:08):
Now. UK markets are on a roll.

Speaker 1 (08:10):
The foot seat, which is a great way to describe
how they work over there, is let the nas deck.
These names have just become synonymous with economics as such.

Speaker 2 (08:18):
They're on a bit of a roll.

Speaker 5 (08:20):
Yeah. Yeah, so the first time in a long time,
so the UK market's been a bit of a leg
guard since physically since bricks are really sort of unperformed
all other markets. But yeah, for twenty twenty five it's
the highest performing shear market. So that's up fourteen and pounds.
But I'll be sort of were a New Zealand and

(08:40):
vista New Zealand dollar terms. With the currency movements and stuff,
about simgin and a half percent this year. It's been
a big driver. There is obviously the slow growth there
for quite a wee while post bricks that that's sort
of starting to work its way through a degree of
undervaluation of some of their companies. But probably the key

(09:03):
things there is, you know, they had quite high inflation
and it's really come back, and so of interest rates
and increase in defense spending, just with what sort of
happening geopolitically in Europe. A lot of sort of European
countries are increasing defense spending, which sort of helps the
economy grow effectively because there's more money being pumped into industries.

(09:25):
And then so the last one there's sort of been
a reasonly sized developed market as a sort of again
a bit of that AI boom as well, which is
sort of really driven those big tech stocks over in
the US this year.

Speaker 1 (09:40):
As far as the brick set affects SAM, what are
we seeing there as such? Does it work to the
UK's benefit?

Speaker 5 (09:47):
It kind of depends who you thought. I guess obviously
some people would say it has worked in their benefit.
I think general consensuss that's probably worked against the UK,
which is, you know, why the UK market has been
such a laggard the last so that almost been coming
up almost ten years now. I think two and sixteen
was when bricks that happened, and it's sort of taken

(10:09):
efffably nine years for the UK market to get rolling.
So I think most general consensus it's probably the slow
growth in the UK there for about a nine year.

Speaker 1 (10:20):
Period in the reesting times, indeed saying the team of
Craig's Investment Partners, how do people get in touch?

Speaker 5 (10:26):
Yeah, so the Gothic on two nine zero, one five
three or companies that us at one hundred and twenty
Main Street in Gore.

Speaker 1 (10:33):
Sam Grant and Craig's Investment Partners always appreciate your time
on the Master.

Speaker 5 (10:37):
Awesome appreciate Andy.

Speaker 1 (10:39):
Sam Grant from Craig's Investment Partners.

Speaker 2 (10:42):
This is the muster up.

Speaker 1 (10:43):
Next we're away to Aurarua, between Bluffing and the Cargo,
where we catch up with Steve Henderson.

Speaker 6 (10:49):
I want to see there.

Speaker 7 (10:52):
I won't give that.

Speaker 3 (10:58):
This interview brought to you by Agris into South Branches
in Lawnville, Gore, Cromwell, Milton and Ran fully dropped by
your local Egress into South Branch today.

Speaker 1 (11:09):
Steve Henderson's base at Alurilla joins us this afternoon run
right in the middle of the calving. I was going
to say something else and Steve are good afterday afternoon, Andy.

Speaker 8 (11:18):
I hate to hate to think what you're going to say,
but no, there's a much better carving.

Speaker 2 (11:22):
Just over in six that's going pretty swimmingly. So far
on imagion.

Speaker 8 (11:27):
Yeah, yep, even here it's like you know, love's being
easy just with round conditions and nothing's been.

Speaker 7 (11:32):
A huge over worklade, but.

Speaker 8 (11:34):
There's always happen with you. Probably a lot more yesterday.
We'll probably doubled with dank fear when we were this
time last year. So yeah, they're doing something you compeine.

Speaker 1 (11:44):
With so likes of staff wives and there they're all
surviving it pretty good so far.

Speaker 8 (11:49):
Yeah, it's been bloody good actually, yeah, and I think
just him and.

Speaker 7 (11:53):
I got conditions to go to pick up car.

Speaker 8 (11:55):
Not quite bad and things weren't like last year. People
are pretty pretty happy. We're getting finished, you know for
dropping afternoon, so people will still get away and do
what they don't spend a bit of time a home
and you can get their childs done after milk with them.
You don't find time during the day.

Speaker 7 (12:09):
They So now it's been almost been good and it's
hurt number gets bigger, it does.

Speaker 8 (12:14):
It should become a bit easier with more consistency and
looking times are a bit longer. So yeah, there's not
so much here and everywhere which you have.

Speaker 7 (12:23):
At establishment with drafting.

Speaker 8 (12:24):
A lot of mobster here only two mobs on crop
now and the rest of either springs or closs them.
So the mainor it's being for.

Speaker 2 (12:32):
This sounds like a correction to the way that's happening
this weekend. You're ready for it, yeah, I think so.

Speaker 7 (12:37):
Yep, we're a little bit northerly here to day.

Speaker 8 (12:40):
So if you've got dust on the road, and you know,
you look at the forecast, I think we can take
a few of the round here and like maybe an
inch you know it wouldn't go astray.

Speaker 7 (12:48):
We wouldn't mind it too much of that. They're not
through the roof.

Speaker 8 (12:53):
We had you know, some cold or too much as
late last week, so they're sort of sitting there in
the seven seven and a half but with no cross
coming through with whether.

Speaker 7 (13:01):
If they surprisingly might arise.

Speaker 8 (13:03):
Actually, so we're going to be burred on and we'll
probably make the most of that rain and as long
as they might last year. But you can dwell on
that and you can you know it's going to have
in October. There's no point in doing next about what
tomorrow or early next week.

Speaker 1 (13:17):
And the reating you said an inch of ray wouldn't
go astray? Is it a case of being careful of
what you ask for, Steve, you reckon.

Speaker 7 (13:23):
Yeah, well I don't reckon anyway. I didn't ask for
three months around last spring and I got it.

Speaker 8 (13:27):
So yeah, just ask for what you want and you.

Speaker 1 (13:30):
Don't tche You can any work with what's ahead of you.
I suppose hey and racing too. Of open country and
the weak and the acquisition of Materia Valley Milks. You're
an open country supplier. What do you make of it?

Speaker 8 (13:42):
Yeah, I think it's just a technical move. By then
there was a plant sitting and gore that probably wasn't
operating the best it could. And yeah, that's what the
Charlie is doing. They make the most of it and
pour into it. So if it's going to make the money,
they will get it. And that's what the fun say.
It may open up opportunities they just keep one plant running,

(14:02):
maybe for winter supply or do different things like that.
But yeah, you know, and utually, I won't really affect
us as a surpre There's been more people at the meetings.

Speaker 2 (14:11):
It's a very street acquisition, I'd say.

Speaker 8 (14:14):
Yeah, I think so. I think so. And you know,
they do their homework and there's who they are and
that's where they've got so many singers and so many pies.

Speaker 7 (14:21):
And you know we're not shareholders but just suppliers.

Speaker 8 (14:24):
So all in all, I think it all probably make
those materially supplies may be a little bit more comfortable too,
you know, with the unknown that could have happened to
that plant.

Speaker 7 (14:34):
So yeah, I think that's the regions could have been affical.

Speaker 1 (14:38):
You're pretty much next door and open country down there?
Are you last on the pick up for your milk?
Because of that? You like the school bus.

Speaker 8 (14:45):
Run, We're not sort of here, there and everywhere. So
the filling guys, yeah, we can get two three perhaps
each night, just to fill up the taens on the
way it past.

Speaker 7 (14:54):
So oh wow, we are in an open countries going on.

Speaker 8 (14:58):
You know, they got the new grid going and I
and country up to any that suddenly ride. So that's
been a bit of a an attraction for the last
few months. Putting poles in a slip mine, different helicopos
yesterday and the run the electric borders.

Speaker 2 (15:12):
So how are you covers looking down there, because where
you're positioned it can get pretty wind sweet, No, no
issues with the wind.

Speaker 8 (15:20):
No, No, we haven't had anything like that to date,
but the old equinox will come shortly, and yeah we're
dealing with get a bit of salt spray, and you
know the trees can brown off every now and then.

Speaker 7 (15:31):
We just haven't had it. It's just been bloody.

Speaker 8 (15:33):
You know, two or three weeks have really settled leather,
I'd say, but yeah, coachter wise, no, we do cop it.

Speaker 7 (15:40):
But yeah, this spring touch Wood hasn't.

Speaker 1 (15:44):
Because this time last year, what was it, around the
seventh of September or there or thereabouts, the Southern Scooter
Challenge took place. We weren't allowed to start in Bluff.
We had to go on Number Cargle coincidentally stand by
for an announcement around that featuring the Musterers from last year.

Speaker 2 (15:58):
But yeah, just totally different season today.

Speaker 1 (16:01):
And let you say, you take every day as it comes,
but it certainly helps, Yeah.

Speaker 8 (16:05):
It does. I mean I remember that day vividly because
I knew you were doing that. I've still got a
paddic that I drive past, and we've got you know,
breakfeence marks where the calves were and just the damage
that those calves done that day, that that those pastures
haven't renovated and we may just.

Speaker 7 (16:22):
Have to probably over and that was probably mirror image
of what.

Speaker 8 (16:25):
Was happened on the dry farm too, and probably a
lot of diary farms across half of At that fin
of you was pugging his cows and the damage has
happened to the store. So I think we're in a
better situation now. You know, the grass had had a
pretty good ordum the route to be back down, so
we're in growth mode now, but the store a fever
of damage. We're heavy rolling, you know, a few pettics
here and they're trying to get them back into shape.
But yeah, the still feverit of demoground from there, not

(16:48):
just that day, It was that prolonged period when you.

Speaker 1 (16:50):
Look at last season and what went on, are you're
pretty pragmatic about it in just in case of well
every year is different.

Speaker 8 (16:57):
Yes, yep, yep, and just quiet it is different. Yeah,
you look at the crop pakes if he has are
coming off those crop perks and it's not you know,
it's not pug so to speak, and trekkers have been
there a bit earlier, grass being the ground a bit earlier. Yeah,
going forward I think will be looking pretty good, but
you don't speak too soon. September can be in September.

(17:17):
Got blood takes cloud yesterday, so that's only two months
ahead last year.

Speaker 2 (17:22):
Makes the difference.

Speaker 1 (17:23):
See, do you kind of regret going away from grass
wintering this season and getting those sweet crops and given
the year that we've.

Speaker 8 (17:28):
Had, no not at all.

Speaker 7 (17:31):
It's fitting the system really well.

Speaker 8 (17:32):
Otherwise we would have been wine in dayage tide in
the market that the bars will need here. So it
certainly failed a gap and that could well be a
bit of the milk.

Speaker 7 (17:40):
Fever issue too.

Speaker 9 (17:41):
They haven't quite transitioned as good as they should have
because they're coming off swedes and going on to grass
with you know, probably limited days in their transition period,
so we probably are missing the year year. We might
change it around and try and used to in July
that have them on graph and bayleas from August, so
that transition period can be as long as it can be.

Speaker 7 (18:00):
We're practically as long as ANB.

Speaker 2 (18:02):
So what's the route you for this afternoon? Just groundhog Day?

Speaker 8 (18:06):
Yeah, Well, we sort of making costumes at one o'clock
in the afternoon when everybody's frushing back from lunch.

Speaker 7 (18:10):
So here we milk costumes in.

Speaker 8 (18:12):
That's all hands on, Dick RMT and making sure they're
all good. Put the main herd and the two we're
onto the main herd and that's everybody sleeckings off and
one goes and graduates and Carson and everyone's tied it
up by four o'clock. So he had the app and
it's really really nice. What would you say, Yeah, they're
just they're under a system that works and we're not

(18:33):
going to change it because your costumes, little bit odd
bet that works were pretty good.

Speaker 2 (18:38):
Good on you save all the best for the next
couple of weeks. We'll catch up again.

Speaker 1 (18:44):
Steve Henderson family at Alua with his wife Tracy. Southern
Scooter Challenge that's happening in March next year, going from
Tarantonia through to Tianna, so stand by for an announcement
around that featuring the Musterers.

Speaker 2 (18:57):
Carlie Fisking from Melton mclaian plus more. She is up
in the next.

Speaker 1 (19:11):
Welcome Back to the Muster, Kylie Fuskin from Mount mcclaim
plus more based here and Gore joins us once again.

Speaker 10 (19:17):
A Hi, how you doing.

Speaker 2 (19:19):
I'm good? What's not to be good about? Hunt Day?

Speaker 1 (19:21):
When the weather's been the way it is for the
end or the conclusion of winter, and we start to
change the farming cycle yet again.

Speaker 10 (19:29):
Yeah, spring starts next week. I thought it started about
three weeks ago. There's some happy, smiling people out there.

Speaker 1 (19:35):
Well, deafitils are popping up now. It talks about it
before definital days, just around the corner. It's just a
mindset thing though, Like the birds are chirpling before sparrow fart.

Speaker 2 (19:44):
It's just that time of year.

Speaker 10 (19:45):
Yeah, lighter in the mornings, lighter in the evenings, getting
more done in the day. Carving's going well. Yeah, there's
no bad reports out there, to be fair.

Speaker 2 (19:55):
And a few really lamb gangs seen on the horizon
as well. And that's what you want to talk about today.
Interesting you just mentioned to me before you normally refer
to this time of year as maternity leave. Yeah.

Speaker 10 (20:06):
I normally my phone doesn't go and people don't want
to see me and I can get some work done,
So it's not me maternity leave obviously.

Speaker 2 (20:16):
It's just clarify that.

Speaker 10 (20:17):
Yeah, absolutely, no, definitely not me. But yeah, I do
call it maternity leave over carving and lemming where I
can get into the office and get some work done.
This year is a little bit different. The phone is
still going, People have time, they want to see me,
they want to make decisions, and it's all really good stuff.

Speaker 1 (20:34):
Look we look at Frontierra, right this proposed two dollars
back per shere.

Speaker 2 (20:39):
Let's be cash.

Speaker 10 (20:40):
Yeah, it's a lot of money for some people, isn't it?
And I guess the caveat here is Remember this still
has a long way to go, this shareholder vote that
has to happen to sell the consumer brands, for one,
and then of course from that they're proposing a two
dollars a share capital return to shareholders. So we don't

(21:01):
want to count our chickens before they hatch and spend
it yet. But with this prospect, along with a pretty
positive year from our training so far and forecast it,
we've got some options of what to do with our
spare money.

Speaker 2 (21:21):
It's a great problem to have. So, okay, the obvious,
what's some of these options in your opinion?

Speaker 10 (21:26):
So I'm just going to confirm that this two dollars
proposal is not taxable income. Okay, so yeah, it is
not text. Last time this happened, it was August twenty
twenty three at a churn of fifty cents. If you
remember back to August twenty twenty three, because I do,

(21:48):
nobody noticed the fifty cents. Really it got absorbed into
operating cash flow. It was a welcome relief, definitely, but
it definitely wasn't a life changing sum of money. This time,
I think it's different. It is truly spare money. So
the responsible accountant in me, see, there we go, pay

(22:09):
down debt. So example, two hundred thousand shares, it's four
hundred thousand dollars, Give it to your bank, reduce your
interest costs every year.

Speaker 2 (22:20):
If you're an.

Speaker 10 (22:21):
Interest rate is six percent, the tax effect, you're going
to be seventeen two hundred and fifty better off a year.
Sounds sensible, but coupled with a profitable trading are we
going to meet deep reduction targets already? Without this? This?

(22:46):
This doesn't sound like me at all, does it? What
I'm about to say, and it's probably contrary to what
a lot of people have said. There is an opportunity
here to look at our capital infrastructure on farm We
have an opportunity to reinvest in et farming businesses. Is
there something we can apply this cash to that will

(23:07):
increase their productivity, create business sustainability, or make our life better.
So we're chasing their three freedoms, right, the freedom of time,
the freedom of mind, and the freedom of money. If
someone gives you a little bit of freedom of money,
how can we turn that freedom into time and mind?

Speaker 2 (23:27):
So stop the press. You're not talking about debt consolidation.

Speaker 10 (23:30):
I'm not talking about debt consolidation and entirety.

Speaker 2 (23:34):
No, Well, that's what farming's about to suppose. Every now
and then.

Speaker 1 (23:37):
You've got to take the wins and yes, you've got
to pay down capital principle and the likes. You've got
to look after your business. But ultimately, if you've got
a bit of money, we'll bager it. I'm going to
go and buy something. If you're in the position, you've
got to do it though, I mean, that's what being
in the job's all about, right, Yeah.

Speaker 10 (23:53):
So remember that caveat. Is it going to make us
more money? And is it going to make our life easier?
So there's still a bit of a business case going
on there.

Speaker 2 (24:02):
Well, I you boat's always about a mental health break,
so yes, yes.

Speaker 10 (24:05):
Yeah, So that's the option three. And this really doesn't
sound like me.

Speaker 2 (24:11):
Well, buy a boat, yeah, buy boat.

Speaker 10 (24:14):
So it can gather dust because we still don't have
the time to use it. We can buy a holiday
home where will end up renting out because we still
don't have the time to use it and it's just
another set of lawns to mow and spider webs to clean.
Or can we use this spare money to invest in
the future. Can we make serious inroads into succession projects

(24:38):
that seemed impossible before.

Speaker 2 (24:40):
Go and buy a whitebait stand to use the boat for.

Speaker 10 (24:43):
Still don't have the time because we haven't invested in
the time.

Speaker 2 (24:46):
You're investing in something off farm.

Speaker 10 (24:49):
I always come with a warning if this does go
ahead reports say first half of twenty twenty six. There's
no need to rush into decisions. Don't go crazy. She's back, yeah, yeah,
flip side again. This is an appropriate time to talk
about what your life looks like in ten to fifteen
years or more. Invest some time in working with our

(25:12):
team to create a succession plan to give clarity and
confidence of this money. Succession isn't a dirty word and
doesn't necessarily mean passing on to the next generation. But
if you can build a plan whatever that looks like
in actions to get there?

Speaker 2 (25:28):
Succession. There's a novel right there.

Speaker 10 (25:31):
Yeah, looks different to everybody, doesn't it. What does retirement
look like to a farmer? Ooh, nasty word.

Speaker 2 (25:38):
You're asking some big questions this afternoon.

Speaker 10 (25:40):
Now, that's our job, right. Just because this capital payment,
it doesn't mean you can access it from your trading entity,
especially if you're trading in a limited liability company. This
could require some special careful planning with your accountant. Capital
restructuring is a very technical tax area. And please don't

(26:01):
think your accountant can wave their magic wand and mop
it up later.

Speaker 1 (26:05):
Okay, that's a dairy sector. Look at the sheep and
beef side of things. Prices are looking really good obviously,
not the margins a dairy at the moment. What's your
advice there?

Speaker 10 (26:14):
Keep going head down, but keep going give us another year.
Things are looking good, but we're coming off a low base.
We've got a lot to get back to a balance
sheet sustainability before we can say we've got spere money.

Speaker 1 (26:28):
It's going to be fascinating to see the figures after
the lambing season, based on last year's numbers that came.
I think Beef and Lamb came out with them regarding
the lamb numbers and how they were back well. This
year with the carbon farming influence, is going to be
instrumental yet.

Speaker 10 (26:43):
Again, just give us twelve months.

Speaker 2 (26:45):
Twelve months. It's all we asked for.

Speaker 10 (26:47):
The recovery has been really, really good. But yeah, a
wee bit more to go yet.

Speaker 2 (26:53):
Malt McLain plus more here and Gore. How do we
get in touch, Kylie so we can go and talk
about a new boat?

Speaker 10 (26:58):
Give us a cool eight five O double seven or
a hello at m MCA dot co dot NZ.

Speaker 2 (27:04):
Good on you, Collie. Always good to catch up.

Speaker 1 (27:06):
Cheers Andy, Kylie Fiskin of malict mcclaim plus more here
and Gory.

Speaker 2 (27:12):
You heard it here. First, go get yourself a bait.
You deserve it.

Speaker 1 (27:16):
Nathan Nelson from darien Z. We catch up next. What
this is a muster? Nathan Nelson joins us. Next from
daryan Z. Good have to know Nathan House six.

Speaker 7 (27:38):
Goody Andy.

Speaker 11 (27:39):
Good to be with you on another great day.

Speaker 1 (27:41):
Isn't it crazy the start to the spring cycle as such. Yes,
we're still technically at the end of winter, but over
the past few weeks in particular without looking to see
what the forecast is doing. It looks all weave at
diisy over the weekend. But you'll see it yourself, Nathan.
What a start to the year or the season, I should.

Speaker 11 (27:58):
Say, oh, if I think you and I were chatting
about it off here too. You know, even that sort
of back end of July was relatively favorable kind conditions.
So we've definitely had a good start and set ourselves
up well. And so I suppose it's a matter of, yeah,
trying to capitalize on that farm for what's in front
of us.

Speaker 1 (28:15):
And we even brought out the topic about kale and
people perhaps having the contemplate bailing kale because what are
you going to do if you've got an over excess
of the stuff.

Speaker 11 (28:24):
Yeah, well, that's right, isn't it. And I think that's
sort of probably the key thing to sort of think
through what's happening in that feed position in front of you.
Certainly hearing you know, some pretty high average pasture covers,
maybe sort of unseasonally high, you know, and usually what
we'd start carving with. But I think there's probably a

(28:44):
few of us that have been farming in South and
for a fair while and though that we've still got
to get through September, and yeah, we're certainly not past
balance date yet, and there'll be a few thinking this
maybe a bit of a false false balanced date or
not a false start, but yeah, certainly still long way
to go before we get to that sort of end
of that first round. So yeah, we'll definitely take what

(29:05):
we've got in front of us, but I think we're
just farm into the conditions and looking at what options
we've got.

Speaker 2 (29:11):
We look at feed options.

Speaker 1 (29:12):
At the moment you talk about past your management, grazing
management and the likes, pretty relevant for the time of year.

Speaker 11 (29:19):
Yeah, and I suppose that's what would sort of be
encouraging now, like heading towards the end of end of August,
sort of intel on the ground, you know, for the
dairy guys, sort of getting well and truly you know,
halfway through carving or some even quite a bit further
than that. So yeah, it sort of probably been fairly
busy and flat out time, but now it's you know, like,

(29:39):
well it only is probably going to get busy, to
be honest, but now it's a good time just to
sneak in that partial assessment if you haven't actually done
one and get around and work out what feed position
you actually are in in terms of average part you covers.
If you are you know, pretty sort of time poor
and juggling a fair few things would even just encourage

(30:00):
going having a look at sort of half a dozen
paddocks at the top of the feed wedge, even if
it's just a visual and half a dozen paddocks at
the bottom of the feed wedge as far as your residuals,
just to have a bit of a feel and work
out where you're sitting in that regard. And then yeah,
for those that are a bit more sort of doing
the formal spring rotation plan or feed budget, good chance
just to update that and have a look at where

(30:22):
you're positioned. Yeah, just making sure that year sort of
know what you're dealing with and that you're on track.
There's probably a bit of a tendency with good covers
to sort of think, you know, we could probably get going,
or just a bit concerned about maybe past your quality,
but you probably start thinking about some of those things
maybe more in the second round once we're a bit

(30:43):
further through the spring. Otherwise, I think the thing would
say is, yeah, perhaps as long as you're not leaving
like messively high residuals behind. Don't don't sort of panic
too much because, like you said, but the weather coming
at the weekend, or you know, the option to sort
of tidy it up next round with that mile. When
we're really into a past balance Dad and the true
surplus or even a sort of a Baylorache option, or

(31:06):
if you're going to look at regrassing, that's probably when
we start looking at the true surplaces and more options.
Given that, like we said, we're still tracking towards the
end of August and still got a fair September to
go through, it's probably still a sort of a measure
and monitor an assess. But yeah, it wouldn't be getting
too excited or carried away just at the moment.

Speaker 2 (31:27):
So it's Neil at the end of August.

Speaker 1 (31:28):
What would be one key word of advice around past
your management at the moment, Nathan.

Speaker 11 (31:33):
Yeah, I think it's just like, no, your position to
be the key thing. If you haven't had that chance
to get a farm walk done or even just have
a good look around, make sure you get out and
do that this week. Either get a measure and if
you're set up for formal measurements or like we suggested,
do that sort of visual you know, visual drive around
or visual look around at the top and bottom covers
just to sort of know where you are and you

(31:55):
definitely update that spring rotation plan or spring feed budget
if that's what you're doing now.

Speaker 2 (32:00):
A couple of events coming out with darien Z.

Speaker 11 (32:04):
Yeah, look a key one we've got coming up next month,
the ninth of September. It's probably more targeted for our
real professional networks and then also maybe some of those
farm owners or farm business owners that are so much
on the cold base of seat of carving or milking
rosters per se. But yeah, we're looking at bringing Nico

(32:24):
Williams ahead of science for darien Z and also Dawn
Delly who's our senior scientists in the region, and having
a good look at where that darien Zed science and
LIVY investment is currently happening, where some of the future
funding is coming from, and some of those projects they're
going to be funded with the Levy investments. So we're
looking at the likes of the extended lactation trial, put

(32:46):
of information around cow wearables, that whole infrastructure space, some
of the wintering work, that's gone on wetlands development and
we might even have a bit of a discussion around
some of this talk of dairy expansion or what would
need to go on for that to be the case.
So yeah, we're Tuesday in the Nintheen September for that
we're looking at a working month's club and number carble

(33:06):
about nine o'clock through it all half US eleven or so.
All the information for that one's on the darren Zed
website as well as people are interested or got a
scrap of time that they want to get along and
hear a bit around that year research space.

Speaker 2 (33:21):
Absolutely. Hey, good on you, Nathan. Always good to catch up.

Speaker 11 (33:24):
Thanks Andy, good to chat.

Speaker 1 (33:27):
Nathan Nelson out Derry and z away to Clinton. Next
Russell Maloney, speaking of behalf of the Clinton Ruby Club.
You've got a special event coming up on Friday.

Speaker 2 (33:49):
Welcome back to the master.

Speaker 1 (33:51):
Russell Maloney out of Clinton Raby Club joins us this afternoon. Russell,
Good afternoon, Hellas.

Speaker 6 (33:56):
Yeah, good afternoon, any thanks for having me on beautiful
South Otago day down here in Bellcoopa.

Speaker 2 (34:01):
Must be looking pretty good out through that region.

Speaker 6 (34:04):
Oh beautiful.

Speaker 2 (34:04):
You know.

Speaker 6 (34:05):
Look, we've had a week's worth of good weather. They
tell me a bit of sort of better ware they're
coming through later on in the week, but at the moment,
looking certainly feels like spring here in South Otago, which
is lovely.

Speaker 1 (34:17):
Now we've got you on today, Russ. You're part of
Clinton Rugby Club. Unfortunately the season didn't go out as
your panned as you anticipated.

Speaker 6 (34:24):
What happened there, Oh yeah, yeah, certainly a disappointing result
for Clinton Rugby Club that's got a very sort of
rough history and performing very well in the Southern Region competition.
Didn't manage to field a team a premier team last year.
Look that's on the basis of play numbers. We had
several injuries and things coming into the season, especially in

(34:48):
that preseason time, but we weren't able to field a team,
which was a disappointing result for us as a club
in the sort of a Southern Region community. But that
we're hoping about to back next season twenty twenty sixth season.

Speaker 1 (35:01):
Anyway, So it was a case of injuries in those
first couple of weeks just took a major toll. I mean,
you guys had every every indication of going in the
in the competition this year, right.

Speaker 6 (35:11):
Yeah, absolutely, and then and it's look right up until
we had a team. But we did have limited numbers.
But you talk to any club out there, rugby players
are hard to come by at the beast of times.
But we did start the season and we had, you know,
all intentions of continuing. We had a couple of preseason
games that we lost, you know, sex or seven key players,

(35:32):
some to season ending injuries and others to probably career
ending injuries, which really put us on the back foot
right from the get go, which was disappointing. But these
things can't be helped.

Speaker 1 (35:43):
So as a result of that, you had players were elsewhere,
but you guys at Clinton Rugby Club were prepared to
help them out. So they came back next year.

Speaker 6 (35:50):
Yeah. Absolutely. So we had a good, strong group of
young young players that have come through high school the
last two three four years and they went to the
clubs and in order to try and keep them on
the Clinton Rugby payroll, so to speak, we we've looked
after them in terms of subs and we catch up
and had barbecues and things like that. So all going well,

(36:11):
they returned back to the club next season.

Speaker 2 (36:14):
So what's happening on Friday.

Speaker 1 (36:15):
What are you guys doing to try and get ahead
of the curve as such?

Speaker 6 (36:19):
Yes, the Clinton Rugby Machinery Sale Friday, two thirty pm
down at the Clinton Rugby Ground. Look, it's been really
really awesome. It's a machinery and clearing sale that's been
you know, at the stage excellently supported by the Clinton
community or the South Patago community. So we're putting together
a sale farmers, agricultural contractors, the likes of all dropping

(36:44):
in gear. We've got some large item touches, basics, ket bulldozers,
the four bulldozers on the attractors, solace wagons, anything you
can think of down at the Clinton Rugby Club. The
idea with that is is the mission split with PGG
risings and the fundraising aspect of that going towards the club,

(37:05):
put to towards you know, a recruitment program hopefully Andy
to to try and get some more players to come
play for Clinton.

Speaker 1 (37:14):
Because you know, you guys did this a couple of
years ago and to win gang Busters, is that right?

Speaker 2 (37:18):
Yeah?

Speaker 6 (37:19):
Look, I understand it's probably been keen or twelve years
since last half and net Clinton Machinery sell and all reports.
It was a very successful day. We're shaping up. They
have a very large yarty of machinery and plant which
is really good. And as ORC, you can't thank the
people that have that have supporting the club and putting

(37:41):
in the entries into the SAR enough because it is
you know, it is going to towards a good community regular.

Speaker 2 (37:47):
So is it too late to get entries done?

Speaker 6 (37:50):
Yeah, we are. We will still certainly take take any entries.
We are getting very full. The rumor is is that
it's starting to really line up and luckily we've got
some new lights installed probably five or sixteven years ago,
because they may need to get turned on if we
start getting too many more entries. But luckily we certainly
won't turn any one of anyone away, So please do

(38:12):
get a touch. And you know, as I said, the
fund raising spit certainly gain towards a good course here.

Speaker 2 (38:18):
So it's been great buy in from the local community
as such.

Speaker 6 (38:20):
Oh brilliant mate, couldn't ask for any more. Phone's been
ringing off the hut for the last two weeks just
with like ag of cultural contractors and farmers and and
people saying, look, I've got a bit of gear here,
we'd love to put it in, or you know some
people saying hey, I've got got some smaller items. You know,
seeur on behalf of the Clinton rugby team and proceeds
go directly to the club. So I had a lot

(38:41):
of good messages, look, you know, please sell us and
we hope they'll see you guys back on the predict
next year and then go for it.

Speaker 1 (38:49):
Especially coming from a guy like you, Russ. Well, you're
a starcasion. Of course with pgs and your phone you've
got to charge it twice a day as it is
at the moment it would have been three times probably lucky.

Speaker 6 (38:59):
Then it is still seem be quiet, but I'm certainly
you're getting phone calls in and you're doing the Warwick
how we sort of charge, leave the car running and
leave the phone and near the charge. So it's good.
It's been really positive and it's good to see the
phone calls and and you know people ringing up looking
to buy stuff as well. So we're sertainly anyone encourage

(39:21):
anyone out there that's looking for any sort of machinery
year or plant to come down to the Clinton raby
clubs and there'll be something for everyone down there. I
can guarantee it.

Speaker 2 (39:30):
What time do you start on Friday.

Speaker 6 (39:32):
Two thirty pm at the Clemson Rugby Clubs and look,
if you're not if you're not interested in buying anything,
which is going to come for a look, great opportunity
to come down, have a fizzy and a sausage and
catch up with a few mates into the into the
Friday evening as well.

Speaker 1 (39:46):
Hey, good on your rustle, all the best for Friday,
Clinton Rugby Club. We've got to keep these clubs up
and running, especially with next year's You're one fortieth.

Speaker 6 (39:53):
It is, yeah, one fortieth, so we were certainly like
to get a team on the pedict but Ed you said,
whether it's Clemton, Urn the other club out there that
is really important to support your like all rugby clubs,
because Tom's are just getting tough enough out there for
a few of them.

Speaker 1 (40:07):
Good on your russle and all the best everybody involved
with Clinton on Friday.

Speaker 6 (40:11):
Thank you very much. Appreciate the Tom laugh out loud
with ag Proud because life on the land can be
a laughing matter.

Speaker 3 (40:21):
Brought to us by sheer Well Data working to help
the livestock farmer a.

Speaker 1 (40:25):
Horse and a check and were playing in a meadow
when suddenly the horse fell into a muddy hole and
started sinking. He shouted into the check and go get
the farmer to help me out. The checken ran off,
but couldn't find the farmer, so instead he hopped into
the farmer's Mercedes. Tyder wrote to the bumper, tossed the
other end to the horse, and drove forward, saving his friend.
A few days later, the two were playing again when

(40:45):
this time the checken fell into the same mud hole.
Heyet to the horse, go get the farmer. The horse said,
no need, I think I can handle this.

Speaker 2 (40:53):
He stretched.

Speaker 1 (40:54):
He stretched over the hole and told the chicken grab
onto my you know, and pull yourself up.

Speaker 2 (40:59):
The checken didn't.

Speaker 1 (41:00):
He was saved tomorrow of the story, if you hangwg
a horse, you don't need him to say these to
pick up checks. That's us for the afternoon now. Chris
Chucker Wilson is hosting the muster for the next couple
of days, and I'll be back in the hot seat
next Monday.

Speaker 2 (41:15):
Thanks very much for your company. My name is Andy Muller.

Speaker 1 (41:17):
This has been the Muster on Hakanui thanks to Peter
Genetics catch you monday.

Speaker 11 (41:25):
Hey, well all right too, he'll go there and where
did he going to get for?

Speaker 2 (41:28):
I'm a twenty five.

Speaker 1 (41:29):
Dock selling action occurred this morning at the bearclouther of
sale yards. Warrick Howie from PGG Rights and because us
a rundown on those prices, get a warrick how.

Speaker 12 (41:36):
Doll we go? Yeah, can I listeners? Hope you're enjoying
the sunshine this week? And now we of course a
kettle style of each to borrow at yarting today probably
st five hundred kettle and getting my head in today
and I look at just rocks on the kettle industry
and we will have another file here on the seventeenth
of September of the next spring file for seventh of September,
we will have another file and of course I s

(41:57):
the target this week. It is very much the week
of the clear and I had a good day at
Megan Barclays used to that Clydebal. We have another three
sales coming up both tomorrow the holders, a big line
up there plant then on to the Joneses and of
course down to the Clinton Rugby Club and we do
on fat of the Joners have one late entry Toyota,
two ersand and three Toyota and then cruise are four

(42:19):
point two liter it he it's a good machine. It's
mister soft the advertising sorry guys. So and there's also
a heap of gates is at eighty one hundred and
twelve and fourteen foot gates if you want a few gates.
But you're doing a lot of our clear and styles.
We are putting HIPing in there. We have a lot
of good machineries, tractors, a couple of pair harrows, a
lot of bikes side the side, some really good gear.
The so get on the egg online and also the

(42:40):
hold of one is on better ass so get onto
the air one of the sheet. Today, well, the sun
is shining and the sheep numbers rose as well today.
We've sort of being lone the numbers the last couple
of weeks, particularly in the prime lambs. Today we had
a number of prime lands back in today, a few
of the studs starting to clean out a few of
the col lambs, and the prices have risen on those
prime lambs as well. For the last week or two

(43:01):
two hundred and thirty out to two hundred and seventy
two dollars for the tops of the prime lambs today,
one hundred and sixty five to two hundred and twenty
on the mediums, and like I say, a very good
yarding of those onto the store lambs. Well, yeah, that's
will selling.

Speaker 6 (43:15):
Well.

Speaker 12 (43:15):
We had a moderate yarding today, a few more than
last week, I've got to say, and top in the
making around one hundred and forty dollars, the good lambs
here making sort of one thirty to one forty today,
the good medium lambs making sort of one teen to
one twenty five, and the smaller ones not quite so
desirable sort of more on. That's sort of seventy to
ninety dollars range us just a very small yarding of

(43:36):
use today. Then in between Tom and the year it
Mark just rocks an really pretty steady head that has
means to rise and actually pretty rising a touch, sort
of a net one twenty to one sixty for the
better end of the years, sort of one hundred and
five to one hundred and thirty for the medium use
and the light us anyway from fifty to one hundred
and five dollars. But you guys, do get on, get on,

(43:57):
here go online, get on better. I haven't got twdent
thousand because there were some really good machinery there. And
keep in mind we have got on the seventeenth of sibteam,
but another kettle sell here, so keep your interest in,
come along or jump on better. And if we don't
see it on the clearins last week, we will see
you maybe jaf Flut next week or the ex frand
kettle sale. Thank you very much, A little