New Zealand Milk Production Update – Jan ’20
Executive Summary New Zealand milk production figures provided by Dairy Companies Association of New Zealand (DCANZ) were recently updated with values spanning through Nov ’19. Highlights from the updated report include:
- New Zealand milk production volumes increased on a YOY basis for the first time in the past three months during Nov ’19, finishing up 0.3%.
- Fonterra’s current ’19-’20 farmgate milk price forecast of $7.00-$7.60/kgMS was raised by an average of $0.25/kgMS, or 3.5%, in Dec ’19 and is on pace to reach a six year high at the midpoint of the forecast.
- Nov ’19 New Zealand cow & heifer slaughter rates increased 1.7% YOY when normalizing for slaughter days, reaching a four year seasonal high level. The YOY increase in cow & heifer slaughter rates was the fifth experienced in a row.