Combined milk production within the major dairy exporting regions of New Zealand, the EU-28, the U.S., Australia and Argentina finished flat on a YOY basis during Oct ’19. The aforementioned regions combined to account for nearly 90% of global butter, cheese, whole milk powder and nonfat dry milk export volumes throughout 2018. Combined milk production growth rates experienced throughout the major dairy exporting regions decelerated over much of 2018 but remained positive until Nov ’18, when production volumes declined on a YOY basis for the first time in the past 22 months. Combined milk production volumes had finished flat or lower on a YOY basis over eight consecutive months through Jun ’19, prior to finishing higher on a YOY basis throughout Jul ’19 – Sep ’19. Oct ’19 YOY increases in milk production on a percentage basis were led by the U.S. (+1.3%), followed by Argentina (+0.9%) and the EU-28 (+0.3%). The increases in milk production volumes offset a 2.6% YOY decline in New Zealand milk production volumes and a 5.5% YOY decline in Australian milk production volumes experienced throughout the month. The EU-28 produces significantly more milk than the other dairy exporting regions, accounting for nearly half of the combined production within the five exporting regions during Oct ’19.