July 3, 2018 / 3:38 AM / 9 months ago

UPDATE 1-Fonterra says New Zealand milk production up 6 pct in May

(Adds details on milk prices, export data, share movement)

July 3 (Reuters) - Milk producer Fonterra said on Tuesday that its total New Zealand milk production increased 6 percent in May, helped by favourable autumn weather conditions.

Australian milk production rose 4 percent in April, the company said in a statement.

Global dairy prices have been undercut by increased production, and fell during a fortnightly auction last month as stronger supply muted what buyers were willing to pay for key products.

A further fall is likely in the next fortnightly auction, due later in the day.

Fonterra, one of the world’s largest milk exporters, said its New Zealand dairy exports rose 10 percent in April, while its Australian dairy exports were up 16 percent.

Shares of the cooperative group were down about 1.1 percent, as against an over 1 percent gain in the New Zealand benchmark

Reporting by Ambar Warrick in Bengaluru; Editing by Sunil Nair

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