New Zealand Milk Production Update – Oct ’20
Executive Summary New Zealand milk production figures provided by Dairy Companies Association of New Zealand (DCANZ) were recently updated with values spanning through Sep ’20. Highlights from the updated report include:
- New Zealand milk production volumes increased 1.7% on a YOY basis during Sep ’20, reaching a six year high seasonal level.
- Fonterra’s ’20-’21 farmgate milk price forecast of $6.30-$7.30/kgMS was revised $0.40/kgMS higher throughout Oct ’20 on improved Chinese demand. The ’20-’21 farmgate milk price forecast remained below the six year high level experienced throughout the previous production season at the midpoint of the estimate, however.
- New Zealand cow & heifer slaughter rates declined 0.3% on a YOY basis during Sep ’20 when normalizing for slaughter days, finishing lower for the first time in the past four months.