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Rabobank's Dairy Quarterly reports that milk collections in the Big Seven exporting regions were nearly flat year-on-year in Q4 2018, with US growth at about 1%. Output is falling in the EU and Australia, where weather hit feed quality, while Brazil and New Zealand grew before stalling in February 2019.
Rabobank expects a challenging production environment to continue through the first half of 2019.
Stalling milk output with weak global supply supports dairy prices and raises the cost of dairy-based feed ingredients for buyers. Tight milk supply tends to keep farmgate prices firm.
dairyindustries.com2 abr 2019Tras 237 eventos alcista de informe pasados, Leche (Clase III) se movió una mediana de +0,0 % en 5 sesiones (51% al alza; mitad central entre -0,3 % y +0,6 %), y +1,2 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Rabobank's outlook for constrained milk output in major exporting regions through H1 2019 is a bullish supply signal released on the move date.
