Demand and prices for dairy cows have taken a dive.
Falling milk prices and bank lending restrictions have put the brakes on further dairy farm conversions and established dairy farmers are reducing their herd numbers.
Last season's record milk prices and a subsequent rush into dairying sent the demand and prices for cows soaring.
Paul Brown of South Island Dairy Farmers which specialises in dairy livestock, says there's been a complete reversal of what was happening 12 months ago.
He expects very few of the dairy conversions planned for the next season will go ahead and says many established dairy farmers are reducing their costs by cutting their herd numbers.