New Zealand: Improvement in commodity prices will help supply in the second half of 2024

To continue reading the article, log in with your account or register on MilkPoint. Get access to exclusive content! Dairy commodity markets largely maintained their positive trend through February 2024, according to Rabobank's New Zealand Agribusiness Monthly report. Butter prices continued to rise, rising 12% in the month of February 2024, and were 20% higher at the end of February than at the start of the calendar year. Skim milk powder continues to recover, rising 8% in the month of February 2024, while whole milk powder gains slowed to 1% and cheddar prices stagnated in the same month. Milk supply growth from global dairy exporters continues to struggle. A return to significant production expansion in these regions will take some time. Higher dairy commodity prices will translate into firmer farmgate milk prices in all regions: a welcome relief for producers who have struggled to achieve profitability in 2023. At ...