Global Milk Production Update – Jul ’18
Combined milk production within the major dairy exporting regions of New Zealand, the EU-28, the U.S., Australia and Argentina finished higher on a YOY basis for the 15th consecutive month during May ’18, increasing by 1.9%. The aforementioned regions combined to account for over 90% of global butter, cheese, whole milk powder and nonfat dry milk export volumes throughout 2017. Combined milk production within the major dairy exporting regions declined on a YOY basis over nine consecutive months through Feb ’17, prior to finishing higher throughout the past 15 months. The May ’18 YOY increase in combined milk production within the major dairy exporting regions was the largest experienced throughout the past three months as lingering winter weather conditions subsided throughout the EU-28. May ’18 YOY increases in milk production were widespread across the major dairy exporting regions and led on a percentage basis by New Zealand (+6.2%), followed by Australia (+2.5%), the EU-28 (+2.1%), Argentina (+2.1%) and the U.S. (+0.9%).The EU-28 produces significantly more milk than the other dairy exporting regions, accounting for over half of the combined production within the five exporting regions throughout the month. Excluding the U.S., milk production within the major dairy exporting regions increased by 2.3% throughout the month of May, finishing above the growth rate exhibited within the U.S. for the 11th time in the past 12 months. The EU-28 accounted for over half of the total YOY increase in milk production experienced throughout the major dairy exporting regions for the 11th time in the past 12 months during May ’18 as lingering winter weather conditions subsided throughout the month. More recent production figures for the month of June have been reported for New Zealand, the U.S. and Argentina. Production remained higher on a YOY basis across all three of the countries throughout the month.