July milk solids intake increased 2.2% YOY, while volume increased 0.9% YOY. It is a record for the month, helped by improved winter payment incentives and increased supplementary feed availability, if not by pasture conditions.

NZX reports South Island conditions have improved, but were offset by deteriorating North Island settings—which typically accounts for 90% of milk collections in July. Although pasture conditions are “middling” abundant supplies of imported and local feed as well as strong margins should be supportive of milk growth