Two online tools designed to provide better insights into milk production and farm gate milk prices have been described as a ''step change'' in dairy forecasting.
The milk production predictor and farm gate milk price calculator, launched by NZX Agri, have been developed by NZX and Massey University.
The milk production predictor was aimed at global dairy market participants.
It modelled New Zealand milk production three months in advance, with forecasts based on climate, pasture growth and cow numbers.
The farm gate milk price calculator was designed to help farmers better understand the relationship between GlobalDairyTrade auction prices and their milk solids payout.
It allowed users to calculate their farm gate milk price based on either a spot GDT price, or assumed seasonal GDT price allowing for assumptions around price weightings.
Both tools represented a ''step change'' in dairy forecasting and would help create more transparency in the marketplace, NZX chief executive Tim Bennett said.
Funding support was provided by Callaghan Innovation.
