John Stevenson: Fonterra Co-operative Council Chair on global milk production growth slowing

High prices and challenging conditions are fuelling uncertainty in the global dairy market.  

Rabobank's latest report shows global milk production growth has slowed to 1.4% year-on-year – its weakest since early 2025. 

Fonterra Co-operative Council Chair John Stevenson told Mike Hosking overseas weather patterns have constrained feed supply, and now the super El Niño could be upon us.  

He says farmers are preparing for the worst and hoping for the best, but a prolonged dry spell would certainly hit New Zealand's milk production. 

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