Update

New Zealand agribusiness July 2025: Colder temps but hot prices

2 July 2025 16:20 RaboResearch
Download

Here are the main highlights for some of New Zealand’s key commodities this month. The full report covers the developments to watch in the upcoming weeks.

2137784443

Here are the main highlights for some of New Zealand's key commodities and economic influences for this month. The full report provides an overview of the developments to watch in the upcoming weeks.

    Dairy: New season milk production is kicking off this month and could possibly set a new record for milk flows out of this part of the world. With demand fragile in some markets and channels, it will be a test for Oceania commodity prices. Beef: Farmgate beef prices remain strong, supported by tight supply and record export values. Global demand is firm, with Canada emerging as a key growth market in May. Sheepmeat: Strong export demand and tight lamb supply are driving prices higher. With Australian competition easing, New Zealand lamb is well-positioned, despite lower volumes, to benefit from record export values and firm market interest. Farm inputs: Urea prices have been very volatile over the past month amid the Middle East conflict. Although a ceasefire is now in place, urea prices remain elevated. The market will be closely watching for any further developments. Interest rates and FX: Economic growth exceeded expectations in Q1, but the NZ economy faces risks as we approach the end of the 90-day pause on US reciprocal tariffs. RaboResearch forecasts one more cut to the OCR this year. Oil and freight: The Israel-Iran war caused June to be the most volatile month for crude oil prices since October 2023, but prices closed the month slightly below where they started and the supply outlook remains very strong.

Download the full report

New Zealand agribusiness monthly July 2025

Previous editions

New Zealand agribusiness monthly June 2025
New Zealand agribusiness monthly May 2025
New Zealand agribusiness monthly April 2025
More about

Disclaimer

This publication has been prepared by Rabobank New Zealand Limited and Coöperatieve Rabobank U.A. (New Zealand Branch) (Incorporated in the Netherlands) (collectively referred to as ‘Rabobank New Zealand’). Read more