Global Milk Production Update – Jun ’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 14th consecutive month during Apr ’18, increasing by 1.5%. 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 14 months. The Apr ’18 YOY increase in combined milk production within the major dairy exporting regions was the second smallest experienced throughout the past 11 months, however, trailing only the Mar ’18 growth rate. Apr ’18 YOY increases in milk production were widespread across the major dairy exporting regions and led on a percentage basis by Argentina (+9.1%), followed by Australia (+4.5%), New Zealand (+2.9%), the EU-28 (+1.4%) and the U.S. (+0.5%).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 2.0% throughout the month of April, finishing above the growth rate exhibited within the U.S. for the tenth time in the past 11 months. The EU-28 accounted for over half of the total YOY increase in milk production experienced throughout the major dairy exporting regions for the tenth time in the past 11 months during Apr ’18 as lingering winter weather conditions subsided over the final weeks of the month. More recent production figures for the month of May have been reported for New Zealand, the U.S. and Argentina. Production remained higher on a YOY basis across all three of the countries throughout the month.