Global Dairy Update February 2023

• Fonterra and MAN Energy Solutions enter into partnership
for the use of decarbonisation technology.
• Plantain partnership delivers promising results.
1
Global Dairy
UPDATE
• New Zealand monthly production volumes
up. US and EU monthly production increases.
Australia monthly production continues
to decline.
• New Zealand and US monthly exports up.
Australia and EU monthly exports decline.
• Latin America imports continue to grow.
China, Middle East & Africa and Asia monthly
imports decline.
• Fonterra New Zealand milk collections for
January were 161.4 million kgMS, 2.1% higher
than January in the prior season but down
1.6% for the season to date.
• Fonterra Australia milk collections for January
were 9.5 million kgMS, 1.9% up on January in
the prior season but down 2.1% for the season
to date.
• How Fonterra is supporting farmers and communities after
Cyclone Gabrielle.
Key Dates
16 March 2023
FY23 Interim Results Announcement
May 2023
FY23 Q3 Business Update
FEBRUARY 2023

%
%
%%
%
%
%%
Change for January 2023
compared to January 2022
Change for January 2023
compared to January 2022
Change for December 2022
compared to December 2021
Change for November 2022
compared to November 2021
Change for the 12 months
to January 2023
Change for the 12 months
to January 2023
Change for the 12 months
to December 2022
Change for the 12 months
to November 2022
1.36.51.2
6.80.20.4
2.0
3.0
2
OUR MARKETS
Global Production
New Zealand monthly
production up. US and
EU monthly production
increases. Australia monthly
production continues
to decline
New Zealand¹ milk
production was up 1.2%
on a litres basis, (up 1.9% on
milk solids basis) in January
compared to the same period
the year prior.
Wet and warm weather
across the North Island
had a favourable impact on
pasture conditions while very
dry conditions in the south
constrained milk production.
New Zealand milk production
for the 12 months to January
was down 3.0% on the
year prior.
Fonterra New Zealand
collections are reported for
January, see page 5 for details.
Australia milk production
decreased 6.5% in December
compared to the same period
the year prior.
Australia recorded its second
wettest Spring, materially
impacting the availability
and quality of pasture, silage
and hay.
Summer conditions have
been more favourable and
milk production is stabilising,
however it is likely to remain
down year-on-year with poorer
quality conserved fodder
entering the diet.
Australia milk production for
the 12 months to December was
6.8% lower than the year prior.
Fonterra collections in Australia
are reported for January, see
page 5 for details.
EU milk production²
increased 2.0% in November
year-on-year, and for the third
consecutive month.
The production increase was
driven primarily by Germany,
the Netherlands, Poland and
Belgium and partially offset
by sustained declines in Spain
and Italy.
EU milk production for the
12 months to November
decreased 0.2% compared to
the same period the year prior,
driven by declines in France,
Italy, Germany and Spain and
partially offset by increases in
Poland and Austria.
US milk production
increased by 1.3% in January,
compared to the same period
the year prior.
This is the seventh consecutive
month of increases.
Herd sizes have continued
to grow and are supporting
growth in production in the
near term.
Milk production for the
12 months to January increased
0.4% compared to the same
period the year prior.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
To view a chart that
illustrates year-on-year
changes in production –
1 New Zealand production is measured in litres.
2 Excludes UK.

To view a chart that
illustrates year-on-year
changes in exports –
3
OUR MARKETS
Global Exports
New Zealand and US
monthly exports up.
Australia and EU monthly
exports decline
Total New Zealand dairy
exports increased 14.0%,
or 40,999 MT, in January
compared to the same
period the year prior.
The increase was driven
by an increase in SMP
shipments to China, and
WMP to United Arab
Emirates and Singapore.
Exports for the 12 months
to January were down by
4.0%, or 141,725 MT, on the
previous comparable period.
This was primarily driven
by decreases in WMP and
partially offset by increases
in SMP, AMF and butter.
EU dairy exports
decreased 8.6%, or
49,124 MT, in November
compared to the same
period the year prior.
The decline in exports
volumes continues to be
driven by lower fluid milk
products shipments to China.
The decrease was partially
offset by an increase in
cultured products and SMP
to Algeria.
Exports for the 12 months
to November were down
8.9%, or 645,012 MT, on the
previous comparable period,
driven by declines in fluid
milk products, SMP, whey
and WMP and partially offset
by increases in cultured
products and infant formula.
US dairy exports
increased 12.8%, or
24,940 MT, in December
compared to the same
period the year prior.
Stronger demand for lactose,
cheese, SMP and WPC by
Canada, WPC by China
and cheese by Mexico
were partially offset by
lower shipments of fluid
milk products.
Exports for the 12 months to
December were up 4.7%, or
128,747 MT, on the previous
comparable period, driven
by lactose, cheese and
WPC, and partially offset by
declines in SMP.
Australia dairy exports
decreased 39.2%, or
39,188 MT, in December
compared to the same
period the year prior, which
was a very strong export
month to China.
This monthly year-on-year
decrease is driven by lower
volumes of fluid milk
products to China as well as
a decrease in SMP and WMP.
Exports for the 12 months to
December were down 6.2%,
or 53,610 MT, on the previous
comparable period.
This was predominantly
driven by decreases in
fluid milk products, WMP
and cheese.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%
%
%
Change for January 2023
compared January 2022
Change for December 2022
compared to December 2021
Change for December 2022
compared to December 2021
Change for November 2022
compared to November 2021
Change for the 12 months
to January 2023
Change for the 12 months
to December 2022
Change for the 12 months
to December 2022
Change for the 12 months
to November 2022
12.839.2
14.0
8.6
4.76.28.94.0
%
%

To view a chart that
illustrates year-on-year
changes in imports –
4
OUR MARKETS
Global Imports
Latin America imports
continue to grow.
China, Middle East &
Africa and Asia monthly
imports decline
Latin America dairy
import volumes¹ increased
9.0%, or 16,181 MT, in
November compared to the
same period the year prior.
The increase was driven by
stronger demand for WMP
by Brazil, and SMP by Mexico
and partially offset by lower
imports of fluid milk products
by Dominican Republic
and Chile.
Imports for the 12 months
to November were up 9.5%
on the previous comparable
period, driven by higher
volumes of cheese, SMP,
infant formula and WMP.
Asia (excluding China)
dairy import volumes¹
decreased 7.7%, or
30,909 MT, in November
compared to the same period
the year prior.
The decrease was driven by
lower demand for SMP by
Malaysia, lactose by Pakistan
and Indonesia, and infant
formula by Vietnam.
Imports for the 12 months to
November were up 0.2%, or
10,587 MT, on the previous
comparable period, driven
by increases in lactose, WPC,
ice cream, SMP and cultured
products and partially
offset by a decline in fluid
milk product.
Middle East and Africa
dairy import volumes¹
decreased 1.5%, or 6,657 MT,
in November compared
to the same period the
year prior.
The decrease was driven
by lower volumes of fluid
milk products to Libya and
Iraq, butter to Morocco,
and cheese to Iraq. This was
partially offset by an increase
in SMP to Algeria.
Imports for the 12 months to
November were up 6.1%, or
306,522 MT, on the previous
comparable period, driven
by increases in, SMP, cheese,
whey and butter and partially
offset by a decline in fluid
milk product.
China dairy import
volumes decreased by 7.2%,
or 20,328 MT, in December
compared to the same period
the year prior.
Lockdown restrictions
continue to have an impact on
volumes, particularly fluid milk
products and infant formula.
This was partially offset by an
increase in demand for whey.
SMP from New Zealand and
WMP also increased and it
was the first month of year-
on-year increase following
nine consecutive months
of declines.
Imports for the 12 months to
December were down 16.9%,
or 698,156 MT, driven by fluid
milk products, WMP, whey,
and SMP.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%
%
%%
%
Change for November 2022
compared to November 2021
Change for December 2022
compared to December 2021
Change for November 2022
compared to November 2021
Change for November 2022
compared to November 2021
Change for the 12 months
to November 2022
Change for the 12 months
to November 2022
Change for the 12 months
to November 2022
7.27.79.0
0.26.1
%
Change for the 12 months
to December 2022
16.9
1.5
9.5
%
%

To view a table that shows
detailed milk collections in New
Zealand and Australia compared
to the previous season –
%
%%
Season-to-date
1 July to 31 January
Season-to-date
1 June to 31 January
Season-to-date
1 June to 31 January
Season-to-date
1 June to 31 January
Change for January 2023
compared to January 2022
Change for January 2023
compared to January 2022
Change for January 2023
compared to January 2022
Change for January 2023
compared to January 2022
1.90.74.42.1
2.10.52.91.6
As updated 24 February 2023
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY










5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections for January were
9.5 million kgMS, a 1.9% increase
from January last season.
Farm collections increased
0.3 million kgMS and third-party
collections decreased 0.1 million
kgMS year-on-year.
Season-to-date collections
reached 66.2 million kgMS, 2.1%
behind last season.
North Island milk collections
in January were 90.6 million
kgMS, 4.4% ahead of January
last season.
Season-to-date collections were
611.4 million kgMS, 2.9% behind
last season.
January weather was very wet
and warm in the North Island,
conducive to strong pasture
growing conditions.
Continued wet weather
throughout the month caused
some disruption to milk
volumes however farms are well
set up for late summer/autumn
with strong pasture covers and
good animal condition.
South Island milk collections
in January were 70.8 million
kgMS, 0.7% behind than
last January.
Season-to-date collections were
404.8 million kgMS, 0.5% ahead
of last season.
More dry and warm weather in
the South Island caused lower
milk production throughout
the month.
There is a drought risk for
Southland and Canterbury
regions over the late summer/
early Autumn period.
Fonterra's New Zealand
collections for January were
161.4 million kgMS, 2.1% higher
than last January.
Season-to-date collections
were 1,016.2 million kgMS, 1.6%
behind last season.
January showed a recovery in
milk volumes compared to last
season with strong North Island
production offset by slightly
unfavourable South Island
milk supply.
In general, North Island
farms are well set up for
late summer/autumn with
strong pasture covers and
good animal condition. Over
the next month, there is a
drought risk for Southland and
Canterbury regions.
%%%
Forecast Farmgate Milk Price for
the 2022/23 season
Forecast milk collections for the
2022/23 season
NZD
per
kgMS
%
8.20-
8.80
1, 4 6 5
m kgMS
from 1,480m
kgMS
Outlook for Fonterra
in New Zealand
%

%
%%%
%
To view more information,
including a snapshot of the
rolling year-to-date results –
%
6
GDT PRICE INDEXNZDUSD SPOT RATE
FEB APR JUL NOV FEB JUN DEC SEP 

,
,
,
,
,
.
.
.
.
.
.
PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity prices and New Zealand
dollar trend
The US economy has proven to be more resilient in the face
of higher interest rates than forecasters and investors had
previously expected, and so resulted in US interest rates
increasing over the past month or so. This, together with
heightened geopolitical risks, saw increasing demand for
the USD. The NZD/USD exchange rate declined to below
63 US cents.
Fonterra GDT results at
last trading event
21 February 2023:
The next trading event will be held on 7 March 2023. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
1.4
Fonterra’s weighted
average product price

(USD/MT)
3,468
USD
Fonterra product quantity
sold on GDT
000’ MT
28.8
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 2,771/MT
3.0
SMP
USD 4,922/MT
3.7
BUTTER
USD 3,264/MT
2.0
WMP
USD 5,086/MT
2.1
CHEDDAR
USD 5,447/MT
2.5
AMF
28,820
MT
LATEST AUCTION
393,443
MT
FINANCIAL
YEAR‑TO‑DATE

7
Fonterra and MAN
Energy Solutions enter
into partnership for the
use of decarbonisation
technology
Fonterra and MAN Energy
Solutions (MAN ES)
are entering a strategic
partnership to reduce CO₂
emissions in dairy production
using climate-friendly
heat pump technology for
steam generation.
The partnership between
Fonterra and MAN ES,
world-leading provider of
engines and turbo machinery
solutions, will trial the
design and implementation
of an industrial-scale heat
pump technology to replace
non-renewable energy in
raising steam.
This project could result in a
reduction of 60,000 metric
tons of CO₂ annually for the
Co-operative, the equivalent
of taking 25,000 cars off
New Zealand roads.
Powered by electricity, the
high temperature MAN Heat
Pump solution would allow
Fonterra to produce steam
to dry dairy ingredients using
renewable electricity from
sources such as hydro, solar,
geothermal and wind. After
integration into Fonterra’s
production infrastructure,
the heat pump could
produce more than 30 metric
tons of process steam per
hour, equivalent to a thermal
output of 25 megawatts.
The first step will be to carry
out an engineering study
to develop the integration
of the heat pump solution
into the Co-operative’s
existing milk powder
production. This study is
expected to be completed
by the end of April 2023.
The findings will then be
used to design a heat pump
system at one of Fonterra’s
manufacturing sites.
Fonterra Chief Operating
Officer, Fraser Whineray
says “Improving energy
efficiency and trying a range
of fuels in our manufacturing
operations remains a vital
part of our decarbonisation
strategy. We’re working to
meet the expectations of
our customers, consumers,
and stakeholders here in
New Zealand and around the
world, who are increasingly
wanting us to accelerate
progress to reduce
our emissions”.
“A key contributor to
this reduction is the
Co-operative’s transition
away from coal by 2037.
By the end of the year, it is
expected that only six out of
29 sites will be using coal”.
“We see huge value in
collaborating with innovative
partners to achieve this
ambitious goal. MAN ES
will provide a resilient and
efficient heat pump solution
for our sites producing
nutrient-rich dairy products.”
Uwe Lauber, CEO of
MAN ES, says “We have
put technology solutions
to lower greenhouse
gas emissions from
industry at the heart of
our strategy. MAN’s heat
pump technology brings
the economic and climate-
friendly benefits of heat
pumps to a crucial sector
such as the industrial food
and beverage industry.
“With Fonterra being the
third biggest milk ingredient
producer in the world, we
are very much looking
forward to supporting their
decarbonisation journey with
our expertise and cutting-
edge technology solutions.
Innovations that arise from
such strong partnerships are
key in the decarbonisation of
industrial processes.”
The heat pump project
is a result of work to find
innovative energy solutions
between Fonterra and its
engineering partner Aurecon
to support the Co-operative’s
long-term commitment to
sustainability. Fonterra has
an ambition to be at net
zero emissions by 2050
with an interim target of a
30% absolute reduction in
manufacturing emissions by
2030 based on its FY18 level.
Last year the Co-operative
announced the installation
of a biomass boiler to replace
a coal boiler at its Waitoa
site in the Waikato region,
this is expected to be up
and running in November
2023. Similar sustainable
fuel switching projects have
taken place at Fonterra’s
Te Awamutu and Stirling
sites, the latter due to be
operational in April this year.
Our Performance
An at-scale illustration of the type of heat pump the MAN and Fonterra
team will be looking to use

8
Plantain partnership
delivers promising
results
A research partnership our
Co-op is a key member
of has found that feeding
cows plantain could reduce
nitrogen leaching from dairy
farms by 20-60%.
The results, from the Plantain
Potency and Practice (PPP)
programme, prove using
Ecotain plantain in pasture
can significantly reduce
nitrogen entering waterways.
Farm trials at Massey
University and initial results
from a trial at Lincoln
University both show
similar trends.
The trials are part of the
nationwide PPP research and
development programme
that involves DairyNZ,
the Government (through
the Ministry for Primary
Industries’ Sustainable Food
and Fibre Futures Fund)
and PPG Wrightson Seeds,
alongside our Co-op.
Ecotain environmental
plantain reduces nitrogen
leaching by increasing cows’
urine volume, therefore
diluting the nitrogen in
urine and reducing the
total amount of nitrogen
excreted in urine. It
also retains nitrogen in
the soil, preventing it
entering waterways.
Fonterra’s Director
of Sustainability
Charlotte Rutherford says
the results are promising.
“A key part of our strategy
is to be a leader in
sustainability. That’s why
we have been part of the
PPP programme since it
was launched two years
ago. This has included
providing technical
expertise, primarily through
our on-farm excellence
environment and research
and development teams.
“While New Zealand
dairy farmers are already
world leaders when it
comes to sustainable milk
production, this programme
is key to further improving
environmental performance
on-farm by developing
quality solutions that work
for farmers, are achievable,
can be applied at scale and
fit well into New Zealand
farming systems.”
Charlotte’s comments are
echoed by DairyNZ Chief
Executive Dr Tim Mackle.
“We now have robust
scientific evidence that
Ecotain plantain is an
effective solution to help
dairy farmers further
reduce farm footprint and
continue playing their part in
improving water quality.”
“Plantain can bring
significant benefits to
local waterways and
communities – we all want
healthy freshwater to
swim and play in, and dairy
farmers can confidently use
Ecotain plantain on-farm to
support that.
The trials also show feeding
cows plantain has no impact
on milk quality or volume
and its use could save
farmers more than $1 billion
per decade, by spending less
on more expensive nitrogen
reduction solutions.
• At the Massey University
farm trial, scientists are
measuring nitrogen
leaching from paddocks
grazed by 80 dairy
cows. After two years,
the trial results have
shown reduced nitrogen
leaching by 20-60% in
perennial ryegrass and
clover pastures containing
30-50% Ecotain plantain.
• Initial results from the
programme’s Lincoln
University study in
Canterbury, on lighter
soils under irrigation,
show similar trends, with
a 38-50% reduction in
nitrogen leaching from
pasture containing 24%
Ecotain plantain.
Our Performance

For more –
Our Co-op
9
How Fonterra is
supporting farmers
and communities after
Cyclone Gabrielle
For many farmers and
communities in the North
Island of New Zealand, the
impact of Cyclone Gabrielle
has been significant and
widespread.
While the worst of the
weather is over, there’s
still a lot to do as part of
the recovery. Teams across
Fonterra have been working
hard to support farmers and
communities – both in the
immediate response as well
as looking at what we can do
in the weeks ahead.
The Co-op’s teams on the
ground have been flat out
getting in touch with farmers
through any means possible
to provide support.
Key areas of focus for
Fonterra include re-
establishing access to farms
that have been cut off and
helping to get generators
and other supplies to those
in need.
But there’s also the mental
toll that the cyclone has
had. The Co-op has been
encouraging farmers to get
in touch with its partner the
Rural Support Trust if they
feel like they’re struggling,
and its Farm Source stores –
some of which were initially
forced to close to ensure the
safety of employees – have
been providing all-day BBQs
and hot meals.
Group Director of
Farm Source Anne Douglas
says it’s times like this that
the collective strength of the
Co-operative is really put
into action, with many team
members supporting farmers
while also trying to manage
personal impacts.
“We’ve heard so many
stories of farmers helping
other farmers, and whole
communities pulling
together. Some farms are
working together to share
generator equipment and
utilise their milking sheds
and infrastructure to help
each other out. Any still
struggling to get a generator
can get in touch with our
Farm Source team who will
try to locate one for them”
says Anne.
Farmers across the Hawke's
Bay and Gisborne regions are
among the hardest hit.
“Our people have recently
been able to access some
of these cut-off areas
by helicopter to provide
provisional supplies, assess
the damage and understand
the immediate needs of
these farmers.”
This includes members
of Fonterra’s operations
and vet teams, who will be
supporting farmers with any
farm and animal well-being
concerns they may have.
To support impacted
communities, the Fonterra
Brands New Zealand (FBNZ),
Hapori and Emergency
Response teams are still busy
assessing what support they
can provide.
“At this stage we are still
trying to understand
what food requirements
are needed in food hubs
across New Zealand. As a
first step, multiple pallets
of UHT and additional
beverage products have been
delivered to Civil Defence
in the Hawkes Bay” says
Community Engagement &
Social Investment Manager,
Shaheen Junge.
“Our strategic partners
Rural Support Trust and
the New Zealand Food
Network (NZFN) are both
also prioritising support to
communities that need it
the most.”
The Co-op’s FBNZ team
donated 78 pallets of dairy
products to NZFN following
on from the Auckland Floods.
Its Hapori teams across
the North Island have
been offering support on a
regional level – so far this
has included organising
care packages and hosting
barbecues.

PRODUCTION
AUSTRALIAAVERAGE
UNITED STATES
NEW ZEALANDEU
DEC JUL 
JUN MAY MAR FEB JAN SEP NOV OCT AUG APR 
LIQUID MILK M LITRES














EXPORTS
AUSTRALIA
UNITED STATES
NEW ZEALANDEU
AUG JUL JUN APR MAR FEB JAN DEC NOV OCT SEP MAY 
MT s









AVERAGE
IMPORTS
MIDDLE EAST & AFRICALATIN AMERICA
ASIACHINA
SEP AUG JUN MAY FEB MAR APR NOV JAN DEC JUL OCT 
MT
s







AVERAGE
10

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.
The absolute size of
the bars represents the
change in imports, exports
or production, relative
to the same period the
previous year.
Averages are shown where
data is complete for the
regions presented.
NOTE: Data for EU to November; Australia to December; New Zealand and US to January.
NOTE: Data for EU to November; US and Australia to December; and New Zealand to January.
NOTE: Data for Asia, Middle East & Africa and Latin America to November; China to December.
SOURCES: Government milk production statistics (DCANZ, Dairy Australia, Eurostat, USDA)/GTA trade data/Fonterra analysis.

WEIGHTED AVERAGE PRICEQUANTITY SOLD
APR MAR JAN OCT FEB JUL AUG MAY SEP NOV DEC JUN 
,
,

,
,
,
,
,
,

,

,
WEIGHTED AVERAGE PRICE USDMT
QUANTITY SOLD  MT
11

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)
JANUARY
2023
JANUARY

2022
MONTHLY
CHANGE
SEASON-
TO-DATE
2022/23
SEASON-
TO-DATE
2021/22
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
161.4158.12.1%1,016.21,032.7(1.6%)
North Island90.686.84.4%611.4630.0(2.9%)
South Island70.871.3(0.7%)404.8402.70.5%
Australia9.59.31.9%66.267.6(2.1%)
Fonterra GDT results
This table provides more
information on the latest
results, including a snapshot
of the year-to-date results.
LAST TRADING EVENT
(21 FEBRUARY 2023)
YEAR-TO-DATE

(FROM 1 AUGUST 2022)
Quantity Sold on GDT
(Winning MT)
28,820393,443
Change in Quantity Sold on GDT
over same period last year
7.7%3.5%
Weighted Average Product Price
(USD/MT)
3,4683,690
Change in Weighted Average
Product Price over same period
last year
(28.9%)(13.2%)
Change in Weighted Average
Product Price from previous event
(1.4%)–
Fonterra GDT results
This chart shows Fonterra
GDT prices and volumes over
the past 12 months.

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, 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.