In this week’s Chart Chatter, Vuko breaks down a major surge in New Zealand milk production, with March volumes hitting record highs and season-to-date output running well ahead of last year. That added supply is flowing into global markets, driving strong export gains—especially powder shipments to China, which more than doubled.

But not everything is moving higher. Cheese exports told a different story, declining year over year and adding another layer to the global dairy outlook.