WASDE: More Milk, Fewer Dairy Cows, More Pigs Global milk production is up. The drought in Australia and New Zealand is over; lots of rain so far this year has meant added cows and added production. Both countries are major dairy producers with small domestic markets, so the additional production is bound to world markets. EU farmers are preparing for an end to the quota system in 2015 and thus the marginal value of the quota is diminishing each year, spurring some producers to expand to be more competitive on the global market. Global milk production is expected to increase 2.7 percent for the year. Domestically, U.S. production is up as well. According to today's WASDE, forecasted milk production is up from last month's with more cow...