New Zealand milk production hit a record high in November, up 2.6% YOY on a milk solids basis to 252.2m kgMS, the highest monthly intake for November since 2014. Seasonal solids intake is 3.2% ahead of the prior season. On a volume basis, milk production rose +2.4% YOY for the month and for the season to date.

According to NZX, cheap feed prices are driving increased milk production, with PKE imports significantly higher in October, up 28.7% YTD.