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Farm gate newsletter for November 30, 2025

News and analysis

LATEST MARKET PRICES

December 1, 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 187 187 171 136 188 133
  SI 184 184 169 133 184 130
BEEF (c/kg)          
P2 Steer NI 900 915 835 673 915 663
(270-295kg) SI 900 905 820 643 905 630
               
M2 Bull NI 870 870 820 670 870 660
(296-320kg) SI 805 803 710 623 805 613
VENISON ($/hd) gross          
AP Stag 60kg NI 1050 1050 1010 950 1050 920
  SI 1045 1040 995 900 1045 905
               
DAIRY (US$/tonne)          
  Butter GDT 5,886 6,662 7,144 7,008 7,992 5,886
  SMP GDT 2,514 2,530 2,702 2,895 2,915 2,514
  WMP GDT 3,309 3,580 3,992 3,910 4,374 3,309
  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 - $7.70
    * before retentions      

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