Global Milk Production Update – May ’18
Combined milk production within the major dairy exporting regions of New Zealand, the EU-28, the U.S., Australia and Argentina finished higher on a YOY basis for the 13th consecutive month during Mar ’18, increasing by 1.4%. The aforementioned regions combined to account for over 90% of global butter, cheese, whole milk powder and nonfat dry milk export volumes throughout 2017. Combined milk production within the major dairy exporting regions declined on a YOY basis over nine consecutive months through Feb ’17, prior to finishing higher throughout the past 13 months. The Mar ’18 YOY increase in combined milk production within the major dairy exporting regions was the smallest experienced throughout the past ten months, however. Of the top five exporting regions, YOY increases in milk production on a percentage basis were led by Argentina (+15.4%), followed by Australia (+2.5%), the U.S. (+1.3%) and the EU-28 (+1.0%). Production declined within New Zealand (-1.5%) throughout the month. The EU-28 produces significantly more milk than the other dairy exporting regions, accounting for over half of the combined production within the five exporting regions throughout the month. Excluding the U.S., milk production within the major dairy exporting regions increased by 1.4% throughout the month of March, finishing above the growth rate exhibited within the U.S. for the tenth consecutive month. The EU-28 accounted for less than one half of the total YOY increase in milk production experienced throughout the major dairy exporting regions for the first time in the past ten months during Mar ’18 as lingering winter weather conditions were experienced.