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When it comes to milk, New Zealand is the most significant player, who produces more than a third of global production. Milk price over the past one year has dropped close to 60%, excluding the recent rise and it is prompting farmers across the country to reduce production. Poor colder than usual weather is also likely to contribute to the fall.
- According to US Department of Agriculture (USDA) bureau in Wellington, trimmed its forecast by 19,000 tons to 21.39 million tons for 2015, a drop of 2.3% from a year ago. Second half of the year accounts for 5% of the drop.
- New Zealand's mil output according USDA would decline by another 3% next year to 20.747 million tons of net production.
It would be for first time milk production would drop for two consecutive years in four decades. Last occurrence was back in 1973-74.
However as of now, it is not certain whether the drop would lead to price rise in milk powder, whose production is expected to remain stable.
Focus will be on Milk powder as well as soft commodities pack as they are showing signs of recovery.
New Zealand Dollar is currently trading at 0.676, up more than 500 pips from its recent slump.
