Buoyed by rising export availabilities, dairy prices weakened in the second half of 2018. Milk production increased in key producing countries, including New Zealand in the 2018/19 production cycle. Aided by high production in some regions, global butter supplies improved in recent months, while cheese trade expanded in 2018 at a slow pace than in 2017. Trade in Skim Milk Powder (SMP) and Whole Milk Powder (WMP) expanded on ample supplies and competitive prices.