New Zealand Milk Production Update – Nov ’19
Executive Summary New Zealand milk production figures provided by Dairy Companies Association of New Zealand (DCANZ) were recently updated with values spanning through Oct ’19. Highlights from the updated report include:
- Oct ’19 New Zealand milk production volumes increased seasonally to a 12 month high level but remained lower on a YOY basis for the second consecutive month, finishing down 2.6%. Production on a milk-solids basis declined 1.5% YOY, finishing lower for the first time in the past five months.
- Fonterra’s ’19-’20 farmgate milk price forecast of $6.55-$7.55/kgMS was raised by $0.30/kgMS in Oct ’19 and is on pace to reach a six year high at the midpoint of the forecast.
- Sep ’19 New Zealand cow & heifer slaughter rates increased 16.5% YOY when normalizing for slaughter days, finishing higher on a YOY basis for the third consecutive month.