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AgriHQ analysts say Australian milk production in May fell 2.8%, its smallest decline of the season. New Zealand expects a 4% rise in milk volumes for 2017-18 as farmers respond to better prices.
Milk powder prices are most exposed to a larger NZ output, while China's demand could support them.
Expected NZ supply growth for 2017-18 would pressure whole milk powder prices, the most exposed product. Buyers should watch whether Chinese demand holds up.
farmersweekly.co.nzBryan GibsonJun 28, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
