A wet start to the season has dented milk production, Fonterra's latest global dairy update shows.
Despite the drop, New Zealand's total dairy exports were up 8.2 percent in July. (File image) Photo: 123rf
It shows milk production was down 5.5 percent on a milk solids basis in July, compared with the same month last year.
The drop is being put down to a wet start to the season.
Despite the drop, New Zealand's total dairy exports were up 8.2 percent in July, compared with the same time last year.
The co-op recently trimmed its forecast milk payout for the current season by 25 cents, to a midpoint of $9.25 a kilogram of milk solids, due to weaker demand and inflation.