Company baffled by curious mother's milk (9)

I believe the answer is:

colostrum

I'm a little stuck... Click here to teach me more about this clue!

'mother's milk' is the definition.
'colostrum' can be an answer for 'milk' (colostrum is a kind of milk). I am not certain of the 'mother's' bit.

'company baffled by curious' is the wordplay.
'company' becomes 'co' (abbreviation).
'baffled' becomes 'lost' (I've seen this before).
'by' says to put letters next to each other.
'curious' becomes 'rum' (synonyms).
'co'+'lost'+'rum'='COLOSTRUM'

Can you help me to learn more?

I've seen this clue in the Sydney Morning Herald.

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