Futures prices for whole milk powder (WMP) have hit a ceiling in the last week despite continuing evidence that New Zealand milk production is declining.
The latest import figures from China show the country’s appetite for whole milk powder (WMP) has continued to tail off in the last couple of months. For October, Chinese imports of WMP declined 11% compared with last year to below 10,500t. This is the second consecutive month of declining Chinese WMP imports following the sharp decline (-47%) in imports seen in September.
Despite these two months of declines, Chinese WMP imports for the year to date are still running 18% ahead of this time last year at more than 355,000t.
The one dairy product that continues to generate strong import …