New Zealand produced 5% more milk in August

The New Zealand Dairy Cooperative Fonterra announced this morning that the supply of liquid milk in August increased by 5% compared to the previous year-August. The weather conditions were almost ideal.
By contrast, 4% less milk was delivered to Australia in July because it has been much too dry there for months and production costs have therefore risen sharply.
Fonterra's milk exports rose 6% yoy in July, while milk and dairy exports rose 4%. In the international market, milk prices fell in September.
In the past three months, the Australian East Coast has registered less than 20% of the usual rainfall and the usable area is bone-dry. Ranchers have to buy grain to feed their herds.

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