EU #milk output surge 'over', boding well for prices
Thurs 25th August 2016
The surge in European Union milk production, blamed by many commentators for the extent of the world milk price downturn, is over, said Fonterra and Rabobank, which flagged support for values from Chinese dryness too.
"Milk production in the EU is now in decline," said John Wilson, the chairman of New Zealand-based Fonterra, the world's top milk exporter, which monitors closely the global industry.
Rabobank estimated that milk output in the EU, the top producer, had fallen by 1.5% in June, a month for which official data are due imminently.
The European Commission's latest data, for May, show a year-on-year increase of 0.8% in output, the slowest since the removal at the end of March 2015 of production quotas, which sent volumes soaring.
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