October 1, 2018 / 12:33 AM / 3 months ago

UPDATE 1-Fonterra's NZ milk production up 5 pct in August on favourable weather

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Oct 1 (Reuters) - Milk producer Fonterra, said on Monday its New Zealand milk production rose 5 percent in August from a year earlier due to ideal weather conditions.

The company’s Australian milk production dipped 4 percent in July on higher farm input costs and drought across parts of the country, Fonterra said in a statement.

Fonterra said total New Zealand milk exports rose 6 percent in July from a year earlier, while Australian dairy exports rose 4 percent.

International milk prices fell while volumes increased in September’s second global dairy trade auction. The next auction is scheduled to take place on Oct. 2.

Australia’s east coast has recorded less than a fifth of its typical rainfall over the last three months and farmland there is bone dry, with graziers buying in grain to feed their herds. (Reporting by Devika Syamnath in Bengaluru; editing by Richard Pullin)

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