A group of Silver Fern Farms shareholders who oppose the company's proposed joint venture with Shanghai Maling Aquarius say their offer of a $90 million alternative capital raising proposal remains a live issue just days before the deal goes to the vote.

Waikato dairy co-op Tatua says earnings before tax fell by 11.1pc to $121.2m, reflecting falling commodities prices.

Alliance chairman Murray Taggart says any Silver Fern merger Farms risks making a "big beached whale" of the meat industry.

Beef exports have hit $3 billion - a record high, driven by international shortages, rising local production, and a falling New Zealand dollar, Statistics NZ said.

Maling's proposal to acquire 50% of Silver Fern Farms reaffirms that Chinese investors are interested in New Zealand's rural and food-based assets.

Fonterra is reporting a big turnaround in annual profit and a much improved forecast cash payout for the current year.

Canterbury dairy company Synlait Milk has almost halved its net profit for the July year to $10.6 million.

Low dairy prices have continued to weigh heavily on farmer sentiment, according to Rabobank's Rural Confidence Survey.

Chief executive Theo Spierings says dairy giant has to make tough decisions as review increases job cuts to 750.

Prices are expected to rise at this week's GlobalDairyTrade auction but doubts remain as to how much further improvement is in store.

Fonterra is cutting back the amount of product it sells on its GlobalDairyTrade auction platform for the next 12 months.

Pre-tax profits for an average sheep and beef farm in New Zealand will increase to $109,900 this season - 9.6 per cent more than last season, but 3.1 per cent below the five-year average, Beef and Lamb New Zealand says in its 2016/6 season outlook.

Deal would increase dominance of New Zealand's biggest meat exporter but erode farmer control of the industry.

Low world dairy prices aren't stopping the NZ industry - production was up 13pc last month from July last year.

Banks appear to have come to the party for NZ farmers needing support during the dairy downturn.

Beef + Lamb New Zealand undertakes a referendum by asking farmers if they want the organisation to continue.

Fonterra's move to cut the amount it sells on its global dairy auction appears to have worked.

The grass-fed meat has fewer calories, less cholesterol or fat than beef, and consumers can't seem to get enough.

Investment bank says there is a 25 to 30 per cent risk of New Zealand's economy going into recession in the next 12 months.

DairyNZ chairman John Luxton says it some TPP players are seeking to maintain trade protection rather than reduce it.

Farmers were given cause for cautious optimism after global dairy auction prices rallied by almost 15 per cent, ending a 10-sale losing streak.

Wholemilk powder prices rallied by 19.1 per cent at this morning's GlobalDairyTrade auction.

I like to see the glass half full, and I have the facts to back that view. If you still want to see the glass half empty - you're the loser, writes Mike Hosking.

Finance Minister Bill English won't rule out state farming company Landcorp having to sell more farms than usual to ensure it is not too loaded with debt.

Fonterra's forecast of a 2 per cent fall in milk production this season is looking more conservative by the day as farmers cull stock.

Fonterra's market share in the South Island has slipped beneath 80 per cent ending pro-competition provisions.

"There's nothing more depressing than knowing when those big tankers come on to your farm you are paying Fonterra to take your milk away."

Finance Minister Bill English remains confident about the prospects for economic growth, despite recent dairy woes.

British farmers held an emergency summit this week, amid warnings that many are facing financial ruin because of plunging milk and meat prices.