Why New Zealand's milk supply problems will impact global prices.

Fears that a difficult early season could leave New Zealand's annual milk supply as much as 3 percent behind last season are likely to underpin global milk prices. The country's dairy farmers had a very tough time coping with New Zealand's warmest and wettest winter (June to August) on record. With the calving season from August to October, as the weather transitions from winter to spring, tough conditions left New Zealand milk production for August down 4.9 percent year on year, at the lowest...