GDT price index falls 3.4% as New Zealand production recovers

Published 22 November 17

New Zealand milk production has reported recovery following a challenging spring. October production as reported by DCANZ was 3.2bn litres, up 2.7% compared to October 2016. This has brought season to date* production from 0.3% behind last season in September, to 0.9% ahead of last season in October. However, this is still 5% below the peak production in 2014/15.

Shortly after this announcement the Global Dairy Trade (GDT) price index fell by 3.4% at the 21 November event, its 4th consecutive decline. At this event, all products reported had a negative or zero change in price index. SMP had the largest fall with a -6.5% fall in price index compared to the previous event, with butter close behind with a -5.9% decline in price index. 

2017.11.23 prod vs GDT

 

*Please note the New Zealand milk year runs from June to May.