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Farm gate newsletter for November 23, 2025

News and analysis

LATEST MARKET PRICES

November 24, 2025 price range  
    this 4 weeks 3 months 1 year 52 week
    week ago ago ago high low
Processor schedule prices ...          
LAMB ($/hd) including 1kg woolly pelt    
17.5 kg YX  NI 187 186 168 135 188 133
  SI 184 183 166 134 184 130
BEEF (c/kg)          
P2 Steer NI 905 915 830 673 915 663
(270-295kg) SI 900 905 815 643 905 630
               
M2 Bull NI 870 870 805 670 870 660
(296-320kg) SI 805 800 703 623 805 613
VENISON ($/hd) gross          
AP Stag 60kg NI 1050 1040 1010 950 1050 920
  SI 1045 1035 995 900 1045 900
               
DAIRY (US$/tonne)          
  Butter GDT 5,886 6,662 7,144 7,008 7,992 5,886
  SMP GDT 2,542 2,559 2,756 2,882 2,915 2,530
  WMP GDT 3,452 3,610 4,036 3,826 4,374 3,452
  Cheddar GDT 4,328 4,758 4,548 4,834 5,519 4,328
               
  Fonterra milk price   2024/25 payout $10.16* 2025/26 payout $10.00*
  Fonterra dividend   2024/25 final $0.57 2025/26 estm $0.55-$0.65
      NZX FSF - $7.93
    * before retentions      

for more detailed price data, by individual saleyard or processor, see our comprehensive listings here »