According to Dairy Companies Association of New Zealand (DCANZ), February ’14 New Zealand milk production continued the recent trend of production growth, increasing 11.8% YOY. The February ’14 YOY milk production percent change was the largest in 18 months, partially due to adverse weather conditions reducing production in February ‘13. ’13-’14 YTD (Jun ’13 – Feb ’14) New Zealand milk production is up 6.4% YOY, with additional YOY gains expected in future months. In Fonterra’s March Global Dairy Update, the New Zealand milk supply was forecasted to increase 7.5% YOY for the ’13-’14 season. Dry conditions have impacted some of the country however the adverse weather conditions are not as widespread as the same time last season. New Zealand milk production typically peaks in October and gradually declines until seasonal lows are reached in the summer months.