
New Zealand dairy companies processed 21.8 billion litres of milk in the 2025/26 season, producing a record 2.024 billion kilograms of milk solids, up 4.5% from the previous season. Milk volume rose 3.5%, while the national herd grew 1%; higher output per cow accounted for most of the increase.
Higher milk-solids production signals increased dairy supply from New Zealand, which could weigh on milk prices if demand does not keep pace. The modest herd increase suggests the production growth came primarily from improved yields rather than a major expansion in livestock numbers.
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.