New Zealand produced a record more than 2 billion kilograms of milksolids in the 2025/26 season, alongside 21.76 billion litres of milk. Average production per cow reached a record 428 kilograms of milksolids, while herd numbers declined and total cow numbers rose about 1%.
Higher output per cow and record national production increase exportable dairy supply, which could weigh on global dairy prices if demand does not keep pace.
After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% over 20.
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.