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As New Zealand reaches the height of milk production (Sept-Oct), WMP plants are actively drying resulting in a stock build. Milk production is currently high (+5% y-o-y), while buying interest from the Middle East has eased. Therefore, as New Zealand is export-focused, this has led to slightly weaker prices. Elsewhere, Chinese stockpiles have continued to grow, which could add downward pressure to New Zealand WMP prices in the coming months, especially as New Zealand’s 2019/20 milk production has peaked.