Amended Global Dairy Update November 2025

•Fonterra’s Edendale site honoured with Mars™ Dairy
Supplier Quality Award
1
Global Dairy
UPDATE
•New Zealand, EU and US monthly
production increased. Australia monthly
production decreased
•EU and US monthly exports increased.
New Zealand and Australia monthly
exports decreased
•
China monthly imports increased. Asia,
Latin America and Middle East & Africa
monthly imports decreased
• Fonterra’s New Zealand milk collections
for October were 209.5 million
kgMS, 2.2% above October last season.
Season-to-date collections are 525.9
million kgMS, 2.7% above last season
• Fonterra’s Australia collections for
October were 12.4 million kgMS, 1.9%
above October last season. Season-to-
date collections are 35.8 million kgMS,
2.6% above last season
• Fonterra and Growing Future Farmers team YT to
get more young people into dairy
Key Dates
4 December 2025
FY26 Q1 Business Update
11 December 2025
Fonterra Co-operative Group
Annual Meeting
15 December 2025
Fonterra Shareholders' Fund
Annual Meeting
NOVEMBER 2025
Coming up ...
•The next issue of the Global Dairy Update will be
published on 30 January 2026

Change for October 2025
compared to October 2024
Change for October 2025
compared to October 2024
Change for October 2025
compared to October 2024
Change for September 2025
compared to September 2024
Change for the 12 months
to October 2025
Change for the 12 months
to October 2025
Change for the 12 months
to October 2025
Change for the 12 months
to September 2025
3.71.7
2.10.41.7
4.2
1.7
2.4
2
OUR MARKETS
Global Production
New Zealand, EU
and US monthly
production increased.
Australia monthly
production decreased
New Zealand milk
production increased
1.7% in October compared
to the same period the
year
prior.
The increase was mainly
due to higher collections
in the South Island from
favourable weather
conditions and higher soil
moisture, partially offset by
marginally lower collections
in the North Island.
New Zealand milk
production for the
12
month
s to October was
up 1.7% on the previous
comparable period.
Fonterra New Zealand
collections are reported
for October, see page
5
for details.
Australia milk production
decreased 2.4% in October
compared to the same
period the year prior.
Collections in Victoria and
South Australia decreased
3.1% a
nd 7.6% despite
typical rainfall for this time
of year and easing feed
costs. The decrease was
pa
rtially offset by higher
collections in New South
Wales, Queensland and
Tasmania.
Australia milk production
for the 12 months to
October was 2.1%
down on the previous
comparable period.
Fonterra collections in
Australia are reported
for October, see page 5
for
details.
EU milk production1
increased 4.2% in
September compared
to
the same period the
y
ear prior.
The increase was mainly
d
ue to higher production
in Germany, France and
the Netherlands.
Combined, these three
countries recorded an
increase of over 295
mil
lion litres, or 63% of the
total increase for EU.
The increase, in part is due
to higher milk prices and
the prior years production
being impacted by
B
luetongue disease.
EU milk production for
th
e 12 months to
September was up 0.4%
on the previous
comparable period.
US milk production
increased 3.7% in October
compared to the same
period the year prior.
The increase was mainly
due to higher yields, with
milk per cow up 1.4%
year
-on-year.
T
he highest producing
US state, California,
increased production 6.9%
year
-on-year
, in part, due to
the impacts of last years bird
flu outbreaks, while Kansas
increased 21.1 %, mainly due
to larger herds.
US milk production for the
12 months to October was
1.7% up on the previous
comparable period.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
To view a chart that
illustrates year-on-year
changes in production –
1 Excludes UK.
%%%
%%%%
%

3
OUR MARKETS
Global Exports
EU and US monthly
exports increased.
New Zealand and
Australia monthly
exports decreased
New Zealand dairy
exports decreased 1.7%,
or 5, 346 MT, in October
compared to the same
period the year prior.
The decrease was mainly
due to lower export
volumes of WMP and
SMP, down 3.3% and 10.7%
year-on-year, respectively,
partially offset by higher
export volumes of butter
and
cheese
.
Exports for the 12 months
to October were up 1.3%, or
44,634
MT, on
the previous
comparable period.
The increase was mainly
due to higher exports of
cheese, followed by butter,
fluid milk products, MPC
and MPI, partially offset by
lower export volumes of
WMP and SMP.
EU dairy exports
1
increased 4.3%
, or
522,693 MT, in September
compared to the same
pe
ri od the year prior.
The increase was mainly
du
e to higher exports
of SMP from Ireland,
Germany and Belgium,
and whey powder from
Ireland, Germany and
France. The increase was
partially offset by lower
export volumes of fluid
milk products.
Exports for the 12 months
to September were up
3.6%,
or 239,163 MT,
o
n the previous
comparable period.
US dairy exports
increased 5.5%, or 13,149
MT, in August compared to
the same period the year
prior.
The increase was mainly
du
e to higher cheese
e
xports, which lifted to
a record high, supported by
higher demand from
Mexico, South Korea,
Japan and Australia. The
increase was partially
offset by lower export
v
olumes of SMP.
Exports for the 12 months
t
o August were up 2.7%, or
7
4,534 MT, on the previous
comparable period.
The increase was mainly
due to strong cheese
exports, supported by
butter, fluid milk products
a
nd AMF.
Australia dairy exports
decreased 2.6%, or
1, 440 MT, in September
compared to the same
period the year prior.
The decrease was mainly
due to lower exports of
whey powder and butter,
which decreased 60.4%
and 65.8 %, respectively.
The decrease was partially
offset by higher export
volumes of
SMP.
Exports for the 12
months to September
were down 1.9 %, or
13,146 MT, on the previous
comparable period.
The decrease was mainly
due to lower exports of
fluid milk products and
whey powder, partially
offset by higher export
volumes of cheese.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%%
%%
To view a chart that
illustrates year-on-year
changes in exports –
%
%
Change for October 2025
compared to October 2024
Change for August 2025
compared to August 2024
Change for September 2025
compared to September 2024
Change for September 2025
compared to September 2024
Change for the 12 months
to August 2025
Change for the 12 months
to September 2025
Change for the 12 months
to October 2025
Change for the 12 months
to September 2025
5.5
1.9
1.7
3.6
2.7
2.6
4.3
1.3
1 Excludes UK.

4
OUR MARKETS
Global Imports
China monthly imports
increased. Asia, Latin
America, Middle East
&
Africa
monthly
imports decreased
Latin America dairy
import volumes
decreased 7.0%, or
14,783 MT, in September
compared to the same
period the year prior.
The decrease was mainly
due to lower import
volumes of SMP by Mexico,
and WMP by Venezuela
and Peru.
Imports for the 12
months
to September were
up 2.9%, or 74,629
M T,
on the pr
evious
comparable
period.
The increase was mainly
due to higher import
volumes of SMP by Mexico
and cheese by Mexico, El
Salvador and Guatemala,
partially offset by lower
import volumes of WMP
by
Brazil
.
Asia (excluding China)
dairy
import volumes
decreased 1
6.2%, or
71,751 MT, in September
comp
ared to the same
period the year prior.
The decrease was mainly
due to lower import
volumes of SMP,
whey
powder and Fluid milk
products from the
Philippines, Malaysia
and Pakistan.
Imports for the 12 months
to September were
up 0.6%,
or 31,688 MT,
on the previous
comparable period.
The increase was mainly
due to higher import
volumes of cheese by
South Korea and WMP by
Sri Lanka and Bangladesh.
Middle East and Africa
dairy
import volumes
1
decreased 37.2%, or
153,369
MT, in September
compared to the same
period the year prior.
The
decrease was mainly
du
e to lower import
volumes of fluid milk
products and cheese by
the United Arab Emirates
and Saudi Arabia, and SMP
by Algeria.
Imports for the 12 months
to September were down
7.1%, or 382,4
84 MT,
on the previous
comparable period.
Th
e decrease was mainly
d
ue to lower import
volumes of fluid milk
products by the United
Arab Emirates and
Saudi Arabia.
China dairy import
volumes increased by
0.4%, or 732 MT, in October
compared to the same
period the year prior.
The increase was mainly
due to higher import
volumes of whey powder
and cheese, partially offset
by lower import volumes of
fluid milk products.
Imports for the 12 months
to October were up 5.1%, or
143,330 MT, on the previous
comparable
period.
The increase was mainly
due to higher import
volumes of whey powder
and WMP, partially offset
by lower volumes of fluid
milk products and
SMP.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%%
%%
Change for September 2025
compared to September 2024
Change for October 2025
compared to October 2024
Change for September 2025
compared to September 2024
Change for September 2025
compared to September 2024
Change for the 12 months
to
September
2025
Change for the 12 months
to
September
2025
Change for the 12 months
to
September
2025
To view a chart that
illustrates year-on-year
changes in imports –
0.416.27.0
0.67.1
%
Change for the 12 months to
October 2025
5.1
37.2
2.9
%

To view a table that shows
detailed milk collections in
New Zealand and Australia
compared to the previous
season-
Season-to-date 1 Jul–31 Oct
compared to prior season
Season-to-date 1 Jun–31 Oct
compared to prior season
Season-to-date 1 Jun–31 Oct
compared to prior season
Season-to-date 1 Jun–31 Oct
compared to prior season
Increase for October 2025
compared to October 2024
Increase for October 2025
compared to October 2024
Increase for October 2025
compared to October 2024
Increase for October 2025
compared to October 2024
1.95.6
3.8
0.32.2
2.62.02.7
VOLUME (M LITRES/DAY)
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY
2025/26
2024/252023/24
0
10
20
30
40
50
60
70
80
5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections
in October
were
1
2.4 million kgMS,
1.9% higher than October
last season.
The increase was mainly
du
e to favourable pasture
conditions, with regular
rainfall continuing to
support pasture growth
a
nd milk production.
Rainfall was above
the historical average
in Western Victoria,
su pporting drought
recovery and higher
quantities of sila
ge and hay.
Tasmania also experienced
higher rainfall, delaying
the need for irrigation
compared to last year.
Season-to-date collections
for Fonterra Australia are
3
5.8 million kgMS, 2.6%
above last season.
North Island milk
coll
ec tions in October
were 118.7 million kgMS,
0.3% lower than October
last
season.
Th
e decrease was mainly
due to less favourable
weather conditions across
the North Island, with
be
low average sunlight
hours and higher
temperatures across all
regions except Central
North Island and Taranaki.
Soil moisture was above
average, with water tables
at capacity in all regions
a
part fro m Hawkes Bay,
due to reduced rainfall
in the region during
the month.
Season-to-date collections
are 330.8 million kgMS,
2.0% above last season.
South Island milk
collections in October
were 90.8 million kgMS,
5.6% higher than October
last
season.
The increase was mainly
due to flooding events
impacting lower South
Island collections last
year. Soil moisture was
well above average for
most of the South Island,
supporting pasture
growth, with drier soil
conditions in Eastern
parts of Marlborough
and
Canterbury.
Sunlight levels were
above average for the
Eastern regions, while
temperatures were varied
across the South Island.
Season-to-date collections
are 195.0 million kgMS,
3.8% above last season.
Fonterra's New Zealand
collections for October
w
ere 209.5 million kgMS,
2.2% above October
last season.
The increase was mainly
due to favourable weather
conditions in the South
Island, and last years
flooding events which
impacted collections in
October last year.
The higher collections
were partially offset by
lower collection
s in the
North Island.
Season-to-date collections
are 525.9 million kgMS,
2.7% above last season.
%%
%%%%
%%

%
%%
%
%
To view more
information, including
a snapshot of the rolling
year-to-date results –
%
6
GDT PRICE INDEXNZD/USD SPOT RATE
NOV 23NOV 24MAR 25JUL 25 NOV 25JUL 24MAR 24
800
950
1,100
1,400
1,250
0.54
0.57
0.60
0.63
0.66
PRICE INDEX
NZD / USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by
des
tination:
Dairy commodity prices and New Zealand
dollar
trend
The USD outperformed most other currencies during
November spurred on by an end to the US Government
shutdown - the longest in history - a diminishing probability
that the US Federal Reserve will reduce interest rates in
December as the US economy proved, yet again, to be more
resilient than expectations, and a souring of investor risk
sentiment driven by questions over ‘AI’ exuberance in equity
markets. Financial markets participants continue to price
at least one more 25bp interest rate cut from the RBNZ,
in November, and for a near a one-in-two chance of a final
25bps of easing being required early in 2026. Against this
backdrop of narratives, the NZD/USD exchange rate was
pressured to below 56 US cents
Fonterra GDT results
at trading event 392
18 November 2025:
The next trading event will be held on 2 December 2025. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average
product price from
previous event
2.5
Fonterra’s weighted
average product price
(USD/MT)
3, 735
USD
Fonterra product
quantity sold on GDT
000’ MT
36.1
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 5,921/MT
7.6
BUTTER
USD 2,561/MT
0.8
SMP
USD 4,328/MT
2.7
CHEDDAR
USD 3,450/MT
1.5
WMP
USD 6,543/MT
5.0
AMF
36,114
MT
LATEST AUCTION
295,905
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Fonterra’s Edendale
site honoured with
Mars Dairy Supplier
Quality Award
Fonterra Edendale
has been recognised
with the Mars Dairy
Supplier Quality Award
which awards the top
performing supplier
sites in Mars' dairy
supply chain.
It’s a proud moment for
the site that recognises
years of dedication,
collaboration and a
shared commitment
to excellence.
The award is a great
example of how the
Co
-op creates value
through excellence
in food quality and
trusted
partnerships.
This milestone is the
result of a multi-year
journey, transforming
the Co-op’s relationship
with Mars into a true
partnership. Together,
both parties are focused
on delivering outstanding
standards of quality and
food safety.
The Mars Dairy Supplier
Quality Award is based
on a holistic approach to
assessing suppliers within
their global dairy supplier
base. The assessment
goes beyond traditional
audit effectiveness by
taking into account Site
Quality Culture, Audit
Performance, Global
Food Safety Standards
and overall plant
condition. Edendale’s
top performance
across these areas is a
testament to the site
team’s relentless pursuit
of quality.
Fonterra’s Director
Global Food Safety,
Quality and Regulatory,
Justine Pearce, says
the award reflects
the team’s passion
and commitment.
“This award highlights
the incredible effort and
passion of everyone at
Edendale. It shows what’s
possible when we work
together with a shared
commitment to creating
trust in every drop of our
farmers’ milk.”
Heather Rankin, Supplier
Quality Assurance
Technologist at Mars,
says the award is
well
deserved.
“Quality Culture is a big
driver behind this award.
Fonterra’s Edendale
team has a great Quality
Culture – you can see
and feel the pride from
everyone on site and
the drive to improve.
This award not only
celebrates what the
Edendale team has
achieved — it also sets
the tone for what’s next.
Their commitment to
quality and collaboration
continues to strengthen
Fonterra’s reputation
as a trusted supplier of
world-class dairy. It’s a
clear example of how
our people bring value
to every partnership,
every product, and every
drop. Mars values and
appreciates the focus on
quality that the Edendale
team provides and is
excited to present this
award to them.”
Edendale Site Manager,
Andrew Johns, says the
recognition is a powerful
acknowledgement of
the team’s long-standing
commitment.
“We’re ecstatic to win
the award – it’s great
acknowledgement of
all the hard work that
has been done over
decades from the site.
We’re continuously
improving and that’s the
pleasing thing.”
The award not only
celebrates what the
Edendale team has
achieved – it also sets
the tone for what’s next.
The site’s commitment to
quality and collaboration
continues to strengthen
the Co-op's reputation
as a trusted supplier of
high-quality dairy and is
a clear example of how
the Co-op brings value to
every partnership, every
product, and every drop
of milk.

Our Co-op
8
Fonterra and
Growing Future
Farmers team YT to
get more young
people
into dairy
Fonterra is increasing
its support for young
people entering the
dairy industry with a new
two-year programme
delivered in partnership
with Growing Future
Farmers (GFF), a
national charitable
trust providing a hybrid
farmer-led vocational
training model.
Co-designed by the
Co-operative, the
programme will begin
with a pilot in Waikato
and Bay of Plenty,
starting in early 2026.
Students will gain
practical on-farm
experience provided
by Fonterra Farmer
Trainers and achieve an
NZQA qualification.
Group Director of Farm
Source, Anne Douglas,
says Fonterra is building
on a sector-wide effort
to support young
people entering the
dairy industry.
“We’re excited to partner
with Growing Future
Farmers to introduce a
new generation to the
diverse opportunities
that exist within the
Co
op an
d dairy industry.”
The programme is
designed to evolve
over time to ensure
it continues to set
students, the Co-op and
the industry up for long-
term success, says Anne.
“The mentorship
provided by Fonterra
farmers will be
hugely valuable in
helping students build
confidence, skills and a
strong support network.
This wrap-around
support for young people
entering the industry
is central to creating a
strong and sustainable
Co-operative for
future generations.”
The pilot programme will
reflect what has been
learned through Growing
Future Farmer’s existing
programme aimed at
getting young people
into the sheep and
beef se
ctor.
CEO of Growing Future
Farmers, Wendy Paul,
worked for Fonterra for
more than 18 years and
says the partnership is a
full circle moment.
“Having spent many
years with the Co-op,
this partnership is close
to my heart. During my
time at Fonterra, I saw
first-hand the passion
of the Co-op’s farmer
shareholders and the
challenges they face in
finding and developing
great people.”
The Growing Future
Farmers model combines
practical experience with
academic learning and
strong pastoral support
to set young people up
for success in the primary
sector says Wendy.
“One of my goals in
moving from Fonterra
to Growing Future
Farmers was to see
this model extended
into dairy, because
there’s a clear need.
Succession planning and
how we resource both
intergenerational and
corporate farms in the
future is top of mind
for
many.
“We’re truly excited
and grateful for this
partnership and what
it means for the next
generation coming into
the industry.”
Fonterra farmer and
Growing Future Farmers
trustee, Jo Johnstone,
says her experience
as a Farmer Trainer in
the sheep and beef
programme has been
incredibly rewarding.
“By investing in the
next generation, we’re
growing resilient,
community-minded,
environmentally aware
young people who
will keep our rural
communities thriving
and our primary
sector
strong.
“G
raduates will not
only be productive
employees but the
future farm owners,
managers, sharemilkers,
contract milkers and
industry leaders who
will strengthen the
long
-term sustainability
of the
Co-
op.”
Fonterra farmers in
Waikato or Bay of Plenty
and young people aged
16-20 can express their
interest in joining the
programme through
the Growing Future
Farmers
w
ebsite.

PRODUCTION
AUSTRALIAAVERAGE
UNITED STATES
NEW ZEALANDEU
JUL 25FEB 25
JAN 25DEC 24OCT 25SEP 25AUG 25APR 25JUN 25MAY 25MAR 25NOV 24
LIQUID MILK (M LITRES)
900
-600
-300
0
900
600
300
EXPORTS
AUSTRALIA
UNITED STATES
NEW ZEALANDEU
APR 25MAR 25FEB 25DEC 24NOV 24OCT 25SEP 25AUG 25JUL 25JUN 25MAY 25JAN 25
MT (000
s
)
-50
0
100
150
50
200
AVERAGE
IMPORTS
MIDDLE EAST & AFRICALATIN AMERICA
ASIACHINA
APR 25MAR 25JAN 25DEC 24SEP 25OCT 25NOV 24JUN 25JUL 25AUG 25FEB 25MAY 25
MT (000
s
)
-300
-240
-60
-120
-180
0
120
60
AVERAGE
9

Supplementary Information
Global Dairy
Market
The charts on the right
illustrate the year-on-
year changes in imports,
exports and production
for a range of countries
that are important
players in global
dairy trade.
NOTE: Data for EU to September; New Zealand, US and Australia to October.
NOTE: Data for US to August; EU and Australia to September; New Zealand to October.
NOTE: Data for Asia, Middle East & Africa and Latin America to September; China to October.
SOURCES: Government milk production statistics (DCANZ, Dairy Australia, Eurostat, USDA)/GTA trade data/Fonterra

10
Supplementary Information
Fonterra milk
production
The table on the
right shows Fonterra
milk solids collected
in New Zealand and
Australia compared to
the previous season.
MILK COLLECTION
(MILLION KGMS)
OCTOBER
2025
OCTOBER
2024
MONTHLY
CHANGE
SEASON-
TO-DATE
2025/26
SEASON-
TO-DATE
2024/25
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
209.5205.32.2%525.9512.32.7%
North Island118.7119.0(0.3%)330.8324.42.0%
South Island90.886.05.6%195.0187.93.8%
Australia12.412.21.9%35.834.92.6%
2025/26 season
Forecast Farmgate
Milk Price
(FGMP)
update
ANNOUNCEMENT
DATE
FORECAST
FGMP / RANGE
(NZD)
NZD/USD
RATE AT
ANNOUNCEMENT
DATE
FORECAST
AVERAGE
CONVERSION
RATE FOR
2025/26
SEASON
FORECAST
FOREIGN
EXCHANGE
EXPOSURE
FOR 2025/26
SEASON
HEDGED1 (%)
FOREIGN
EXCHANGE
OPTION
COVER
REMAINING
IN HEDGED
AMOUNT1 (%)
25 November
2025
$9.50 /
$9.00-$10.00
0. 56090.583884%17%
25 September
2025
$10.00 /
$9.00-$11.00
0. 58150. 589272%18%
As at the most recent update to the 2025/26 season forecast Farmgate Milk Price
on 25 November 2025:
•Fonterra had hedged approximately 84% of the full year forecast USD cash flows
related to the 2025/26 season Farmgate Milk Price.
•
Of th
at 84%, approximately 17% was hedged with foreign exchange options which
had not yet expired or been exercised.
•
If the r
emaining 16% of the forecast USD cash flows were to be hedged at the
25
Nov
ember 2025 spot rate of 0.5609, the average NZD/USD conversion rate for
the 2025 season would be 0.5838.
•
Also show
n for information are the equivalent measures at the date of the previous
forecast of the 2025/26 season Farmgate Milk Price on 25 September 2025.
1 Hedged percentages shown are as at the most recent month end prior to announcement date.

WEIGHTED AVERAGE PRICEQUANTITY SOLD
NOV 25OCT 25AUG 25MAY 25SEP 25FEB 25MAR 25DEC 24APR 25JUN 25JUL 25JAN 25
10,000
16,000
22,000
34,000
28,000
40,000
3,400
3,700
4,300
4,000
4,600
4,900
WEIGHTED AVERAGE PRICE (USD/MT)
QUANTITY SOLD ( MT)
Fonterra GDT
results
This chart shows
Fonterra GDT prices and
volumes over the past
12 months.
Fonterra GDT
results
This table provides
more information on the
latest results, including
a snapshot of the rolling
year-to-date results.
LAST TRADING
EVENT
(18
NOVEMBER 2025)
YEAR-TO-DATE
(FROM
1
AUGUST 2025)
Quantity Sold on GDT
(Winning MT)
36,114295,905
Change in Quantity Sold on GDT
over same period last year
5.8%5.0%
Weighted Average Product Price
(USD/MT)
3, 7354, 030
Change in Weighted Average
Product Price over same period last year
(9.8%)2.8%
Change in Weighted Average
Product Price from previous event
(2.5%)-
11
Supplementary Information

12
AMF
Anhydrous Milk Fat.
BMP
Butter Milk Powder.
Cultured Products
Fermented milks that are
prepared by using starter
cultures and controlled
fermentation including
yoghurt, yoghurt
drinks, sour cream, and
crème fraiche.
DIRA
Dairy Industry
Restructuring Act 2001
(New Zealand).
Farmgate Milk Price
The price for milk
supplied in New Zealand
to Fonterra by farmer
shareholders.
Fluid Products
The Fonterra grouping
of fluid milk products
(skim milk, whole milk
and cream – pasteurised
or UHT processed),
concentrated milk
products (evaporated
milk and sweetened
condensed milk)
and yoghurt.
GDT
Global Dairy Trade,
the online provider
of the twice monthly
global auctions of
dairy ingredients.
kgMS
Kilogram of milk solids,
the measure of the
amount of fat and
protein in the milk
supplied to Fonterra.
MPC
Milk Protein Concentrate.
Non-Reference
Products
All dairy products,
except for Reference
Products, produced
by the New Zealand
Ingredients business.
Reference Products
The dairy products used
in the calculation of the
Farmgate Milk Price,
which are currently
WMP, SMP, BMP, butter
and AMF.

Glossary
Season
New Zealand: A period
of 12 months to 31 May
in each year.
Australia: A period of
12 months to 30 June
in each year.
SMP
Skim Milk Powder.
WMP
Whole Milk Powder.
WPC
Whey Protein
Concentrate.
WPI
Whey Protein Isolate.