The determination of milk prices based on factors such as production costs, market demand, and regulatory frameworks. Milk pricing affects dairy farm profitability. For instance, negotiating milk prices with processors to ensure fair compensation for dairy farmers.
machinery syndicate: a group of farmers who join together to buy very large items of equipment, which they can use in turn. This can benefit farmers by reducing the individual cost burden of expensive machinery, allowing access to high-quality equipment that they might not afford alone, leading to increased efficiency and productivity on their farms.