date:Jul 14, 2014
A record payout to New Zealand dairy farmers last year is setting the stage for a global milk glut that Goldman Sachs Group Inc. predicts will last half a decade.
The worlds top exporter will expand production to an all-time high, the government predicts, after a 2013 surge in prices led to investment in more cows and nutritional supplements that boost milk flow, just as pastures recovered from a drought. Annual global dairy output will exceed demand by 2 billion litres through 2018, Goldman sa