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NZ Farming Systems output beats forecast

Wednesday 10th September 2008

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NZ Farming Systems Uruguay, the company set up to export New Zealand's intensive dairy farming techniques to South America, said milk production is ahead of forecast because of good weather.

The company's farms "have experienced ideal climatic conditions during the last three months, with a milder than expected winter, together with good rainfall leading to very strong levels of high quality pasture growth," chairman Keith Smith said.

Milk production per cow exceeded forecast by 10% in July and August and the company spent less on supplements because of pasture growth.

NZ Farming Systems is a separately traded spin-off from PGG Wrightson, which raised funds for the business in 2006 to tap the potential for dairy farming in South America.

Shares of NZ Farming Systems have gained about 8% since they began trading last year and were last at NZ$1.58. Wrightson has gained 14% this year.

Prices for farms in some regions of Uruguay have doubled in the past few years, according to local estimates.

By Jonathan Underhill

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