New Zealand Milk Production Update – Nov ’20
Executive Summary New Zealand milk production figures provided by Dairy Companies Association of New Zealand (DCANZ) were recently updated with values spanning through Oct ’20. Highlights from the updated report include:
- New Zealand milk production volumes increased 0.8% on a YOY basis during Oct ’20, finishing higher for the sixth consecutive month.
- 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 increased 0.6% on a YOY basis during Oct ’20 when normalizing for slaughter days, finishing higher for the fourth time in the past five months.