date:Jul 01, 2013
a rally in international markets appeared so supply-side driven as this, said Tim Hunt, global dairy strategist with Rabobank. A loss of momentum in milk production growth was expected following an unattractive milk-to-feed cost ration in late 2012, but this has been exacerbated by atrocious weather in key growing areas in the first half of 2013. In the Northern Hemisphere, a cold and wet winter was followed by a late-arriving spring while Oceania saw a summer drought.
Milk production declined