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Farm gate newsletter for December 21, 2025

News and analysis

LATEST MARKET PRICES

December 22, 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 182 187 176 134 188 133
  SI 182 184 172 130 184 130
BEEF (c/kg)          
P2 Steer NI 883 905 880 668 915 663
(270-295kg) SI 889 900 848 637 905 630
               
M2 Bull NI 880 870 830 665 890 660
(296-320kg) SI 820 805 715 617 820 613
VENISON ($/hd) gross          
AP Stag 60kg NI 1050 1050 1010 930 1050 920
  SI 1045 1045 995 910 1045 905
               
DAIRY (US$/tonne)          
  Butter GDT 5,012 5,886 6,892 6,631 7,992 5,012
  SMP GDT 2,431 2,542 2,615 2,757 2,895 2,431
  WMP GDT 3,161 3,452 3,790 3,890 4,374 3,161
  Cheddar GDT 4,646 4,328 4,814 4,682 5,519 4,328
               
  Fonterra milk price   2024/25 payout $10.16* 2025/26 payout $9.00*
  Fonterra dividend   2024/25 final $0.57 2025/26 estm $0.55-$0.65
      NZX FSF - $8.34
    * before retentions      

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