Revised forecasts reveal tough global milk market

Milk production forecasts for a number of countries have been scaled back for 2015, according to biannual forecast figures released by the USDA’s Foreign Agricultural Service. This is particularly evident for New Zealand where milk production for 2015 is now forecast to decline by 1% from 2014. Even though milk production in New Zealand through May 2015 is slightly ahead (1%) of last year, dairy producers are facing the lowest farm-gate prices in seven years. Therefore, given the expectation