date:Dec 29, 2015
ack, and US and Australian output is flattening. But we still need to see EU supply retract, and that is not likely to happen until the second quarter of 2016.
China milk production is playing a role in Chinas reduced import demand as well. USDEC estimates Chinese milk production rose 10% over the past two years. That represents another 3m tonnes of milk, most of which went into whole milk powder, stoking inventory levels.
China has worked through much of its inventory in the past few months,