Fonterra's New Zealand milk output drops 2% in Feb
Fonterra Co-operative Group Ltd said on Tuesday that milk production in its home market New Zealand dipped in February due to unfavourable weather.
Production volumes in New Zealand were down 2pc in February as pasture quality was affected by “difficult weather conditions”, the company said in a statement.
Meanwhile, Fonterra’s Australia milk production rose 2pc in February as weather conditions, especially in South East Australia, were favourable.
February’s production figures could impact New Zealand’s fortnightly milk auction, due on April 4.
In the last auction on March 21, prices dropped for the third consecutive time, as production continued its slow pickup from weaker levels earlier in the season.
Last month, the firm reported a 5pc fall in January’s milk production on account of dry weather.