AUSTRALIAN dairy has fared better than New Zealand in Fonterra’s February Global Dairy Update, released today.
Milk production for the co-operative’s Australian branch was stable, the amount of milk collected unchanged in January 2015 compared to a year ago (at 11 million kilograms milk solids), and six per cent higher to 82 million kg MS for the season to date.
However the update, released to the ASX, said the rate of growth had slowed.
Weather conditions in Australia brought some widespread rain and milder temperatures in which provided some improvement to summer pasture and forage crop availability, and compared favourably to the dry conditions in New Zealand that has seen the company reduce its forecast milk production and tipped the supply and demand curve on the global market.
European Union and US production in November both increased 3 per cent, adding an extra 7 million tonnes of liquid milk to the global market.
These were among the factors that saw a 9.4pc upswing in the GlobalDairyTrade (GDT) Price Index during its event earlier this month, compared to last event roughly a fortnight earlier.
This is, however, coming off a low base since the GDT Price Index for the financial year-to-date decreased 45pc compared to the same period the previous year.
The price rebounds were felt particularly strongly in the milk powders with the whole variety up 19.2pc and skim up 6.7pc.
Fonterra sold 26,750MT (down 18pc) with prices for its commodity mix increasing 10pc compared to the last event.
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