Milk prices are reaching record levels, the likes of which have never been seen before at this time of the year.

Prices continue to rise as milk supply nears peak. This week, Lakeland Dairies lifted its base milk price another 3c/l to reach 47.5c/l, excluding VAT, at base milk solids for April supplies.

Tight global supplies are expected to continue as the main exporting regions of the world are further restricted from producing more milk through additional regulations or the rising costs of inputs.

Read Jack Kennedy's report on a bright future for milk prices here.