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Farm gate newsletter for February 23, 2026

News and analysis

LATEST MARKET PRICES

February 23, 2026 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 187 186 187 139 188 138
  SI 184 183 184 134 184 133
BEEF (c/kg)          
P2 Steer NI 918 908 905 688 923 688
(270-295kg) SI 899 896 900 643 905 643
               
M2 Bull NI 918 913 870 710 923 710
(296-320kg) SI 828 843 805 627 843 627
VENISON ($/hd) gross          
AP Stag 60kg NI 1050 1050 1050 920 1050 920
  SI 1045 1045 1045 905 1045 905
               
DAIRY (US$/tonne)          
  Butter GDT 6,347 5,314 5,886 7,278 7,992 5,012
  SMP GDT 2,973 2,615 2,542 2,754 2,973 2,424
  WMP GDT 3,706 3,449 3,452 4,153 4,374 3,143
  Cheddar GDT 4,736 4,594 4,328 4,862 5,519 4,328
               
  Fonterra milk price   2024/25 payout $10.16 2025/26 payout $9.50
  Fonterra dividend   2024/25 final $0.57 2025/26 estm $0.55-$0.65
      NZX FSF - $8.03

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