NZ Farming Systems output beats forecast

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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