Global Dairy Update November 2023

• New partnership offers Fonterra farmers cheaper,
cleaner refrigeration.
1
Global Dairy
UPDATE
• Australia and EU monthly production
increased. New Zealand and US monthly
production decreased.
• New Zealand monthly exports
increased. Australia EU and US monthly
exports decreased.
• Asia and Middle East & Africa monthly imports
increased. Latin America and China monthly
imports decreased.
• Fonterra New Zealand milk collections in
October were 200.0 million kgMS, down 0.3%
on the prior season.
• Fonterra Australia milk collections in October
were 12.1 million kgMS, down 0.9% on the
prior season.
• National Chemistry Week.
Key Dates
7 December 2023
FY24 Q1 Business Update
March 2024
FY24 Interim Results Announcement
NOVEMBER 2023
• The next issue of the Global Dairy Update will be published
on 31 January 2024.

%
%
%%
%
%
%%
Change for October 2023
compared to October 2022
Change for October 2023
compared to October 2022
Change for September 2023
compared to September 2022
Change for August 2023
compared to August 2022
Change for the 12 months
to October 2023
Change for the 12 months
to October 2023
Change for the 12 months
to September 2023
Change for the 12 months
to August 2023
0.50.50.3
3.30.90.3
0.1
0.6
2
OUR MARKETS
Global Production
Australia and EU monthly
production increased.
New Zealand
and US monthly
production decreased
New Zealand milk
production was down 0.3%
on a litres basis, (up 1.0% on
milk solids basis) in October
compared to the same
period the year prior.
Rain in the North Island
caused unfavourable
pasture conditions.
New Zealand milk
production for the
12 months to October was
up 0.6% on the previous
comparable period.
Fonterra New Zealand
collections are reported
for October, see page 5
for details.
Australia milk
production increased 0.5%
in September compared
to the same period the
year prior.
The increase was driven
by a recovery in pasture
production despite lower-
than-average rainfall in
most regions.
Australia milk production for
the 12 months to September
was down 3.3% on the
previous comparable period.
Fonterra collections in
Australia are reported
for October, see page 5
for details.
EU milk production¹
increased 0.1% in August
compared to the same
period the year prior.
The increase was driven
by Germany, Poland, and
Belgium, and partially offset
by decreases in France
and Ireland.
EU milk production for the
12 months to August was
up 0.9% on the previous
comparable period.
The increase was driven
primarily by Germany, the
Netherlands and Poland,
partially offset by decreases
in France and Italy.
US milk production
decreased 0.5% in October
compared to the same
period the year prior.
Smaller herd numbers
and marginally lower milk
yield resulted in a decline
in monthly production
year-on-year.
Milk production for the
12 months to October
increased 0.3% on the
previous comparable period.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
To view a chart that
illustrates year-on-year
changes in production –
1 Excludes UK.

To view a chart that
illustrates year-on-year
changes in exports –
3
OUR MARKETS
Global Exports
New Zealand monthly
exports increased. Australia,
EU and US monthly
exports decreased
Total New Zealand dairy
exports increased 12. 1%,
or 33,534 MT, in October
compared to the same
period the year prior.
The increase was mainly
due to higher exported
volumes of WMP to Algeria
and Southeast Asia, SMP
to Thailand and cheese to
China and Australia.
Exports for the 12 months
to October were up 2.1%, or
71,414 MT, on the previous
comparable period.
This was mainly due to
increases in SMP, cheese,
butter and AMF, partially
offset by decreases in WMP
and fluid milk products.
EU dairy exports
decreased 6.2%, or
33,984 MT, in September
compared to the same
period the year prior.
The decrease was mainly
due to lower export volumes
of fluid milk products and
infant formula to China. This
was partially offset higher
export volumes of SMP
Algeria and Vietnam.
Exports for the 12 months
to September were down
1.8%, or 121,397 MT, on the
previous comparable period.
This was mainly due to
lower volumes of fluid milk
products to China, and
partially offset by higher
export volumes of SMP to
Algeria and Vietnam and
whey to Southeast Asia.
US dairy exports
decreased 8.7%, or
20,759 MT, in September
compared to the same
period the year prior.
The decrease was mainly
due to lower export
volumes of SMP to
Mexico and Southeast
Asia as US domestic SMP
production decreased.
Exports for the 12 months
to September were down
3.7%, or 103,491 MT, on the
previous comparable period.
This was mainly due to lower
exports of whey and fluid
milk products, and partially
offset by higher volumes
of lactose.
Australia dairy exports
decreased 12.2%, or 7,318  MT,
in September compared
to the same period the
year prior.
The decrease in exports
was mainly due to lower
export volumes of fluid milk
products and sweetened
milk powder and Australia's
higher milk prices making
exports uncompetitive.
Exports for the 12 months
to September were down
28.8%, or 261,689 MT, on the
previous comparable period.
This was mainly due to lower
export volumes of fluid milk
products, SMP, and cheese,
partially offset by increases
in lactose and whey powder.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%
%
%
Change for October 2023
compared to October 2022
Change for September 2023
compared to September 2022
Change for September 2023
compared to September 2022
Change for September 2023
compared to September 2022
Change for the 12 months
to September 2023
Change for the 12 months
to September 2023
Change for the 12 months
to October 2023
Change for the 12 months
to September 2023
8.712.2
12.1
6.2
3.728.81.82.1
%
%

To view a chart that
illustrates year-on-year
changes in imports –
4
OUR MARKETS
Global Imports
Asia and Middle East &
Africa monthly imports
increased. Latin America
and China monthly
imports decreased
Latin America dairy
import volumes¹
decreased 8.2%, or 16,884  MT,
in September compared to
the same period the year prior.
The decrease was mainly due
to lower volumes of SMP to
Mexico and WMP to Brazil
following increased imports in
prior months.
Imports for the 12 months to
September were up 9.0%, or
200,553 MT, on the previous
comparable period.
This was mainly due to higher
WMP volume to Brazil as
domestic milk production
weakens. And Mexico's SMP
imports increased due to
economic improvement and a
stronger Peso.
Asia (excluding China)
dairy import volumes¹
increased 1.2%, or 4,862  MT,
in September compared
to the same period the
year prior.
The increase was mainly
due to higher SMP volumes
to Vietnam, catching up
from lower volumes in prior
months, and increased
whey imports to Malaysia
and India.
Imports for the 12 months
to September were down
5.8%, or 299,977 MT, on the
previous comparable period.
This was mainly due to lower
volumes of SMP, fluid milk
products, cheese, infant
formula and WMP.
Middle East and Africa
dairy import volumes¹
increased 0.7%, or 3,169  MT,
in September compared
to the same period the
year prior.
The increase was mainly due
to higher volumes of SMP to
United Arab Emirates.
Imports for the 12 months to
September were up 4.2%, or
228,592 MT, on the previous
comparable period.
This was mainly due to
higher volumes of SMP to
Algeria, Saudi Arabia and
the United Arab Emirates
and WMP to Algeria. This
was partially offset by lower
volume of fluid milk product
to Iraq and Kuwait.
China dairy import
volumes decreased by 4.1%,
or 9,946 MT, in October
compared to the same
period the year prior.
The decrease was driven by
lower import volumes of
WMP, infant formula and
whey. This was partially
offset by an increase
in demand for lactose
and cheese.
Imports for the 12 months to
October were down 9.8%, or
343,566 MT, on the previous
comparable period.
This was due to a decline in
import demand for fluid milk
products and WMP reflecting
excess domestic supply.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%
%
%%
%
Change for September 2023
compared to September 2022
Change for October 2023
compared to October 2022
Change for September 2023
compared to September 2022
Change for September 2023
compared to September 2022
Change for the 12 months
to September 2023
Change for the 12 months
to September 2023
Change for the 12 months
to September 2023
4.11.28.2
5.84.2
%
Change for the 12 months
to October 2023
9.8
0.7
9.0
%
%

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 October
Season-to-date
1 June to 31 October
Season-to-date
1 June to 31 October
Season-to-date
1 June to 31 October
Change for October 2023
compared to October 2022
Change for October 2023
compared to October 2022
Change for October 2023
compared to October 2022
Change for October 2023
compared to October 2022
0.92.42.20.3
0.43.12.80.7
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY










5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections
in October were
12. 1 million kgMS, 0.9% behind
October last season.
Collections decreased in
October mainly due third-party
collections.
Season-to-date collections
were 34.2 million kgMS, 0.4%
behind last season.
Collections decreased mainly
due to a return to drier
weather patterns.
North Island milk collection
in October was 113.8 million
kgMS, 2.2% behind October
last season.
Season-to-date collections
were 306.3 million kgMS, 2.8%
behind last season.
October weather in the
North Island has continued
to be unfavourable for
pasture quality.
South Island milk collection
in October was 86.2 million
kgMS, 2.4% ahead of October
last season.
Season-to-date collections
were 183.1 million kgMS, 3.1%
ahead of last season.
South Island has performed
well despite a brief cold snap in
the lower south. A good run of
favourable weather conditions
has resulted in strong milk
flows in the central south.
Fonterra's New Zealand
collections for October were
200.0 million kgMS, 0.3%
behind October last season.
The decrease was due to lower
collections in the North Island
partially offset by stronger milk
collections in the South Island.
Season-to-date collections
were 489.4 million kgMS, 0.7%
behind last season.
Forecast Milk Price pressures
and farm working expenses
remaining high are seeing
some farmers reduce spending
and potentially lowering overall
productivity on farm.
%%
Forecast milk collection for the
2023/24 season
1, 4 6 5M
kgMS
Forecast Farmgate Milk Price for
the 2023/24 season
NZD
per
kgMS
%
6.50-
8.00
Outlook for Fonterra
in New Zealand
%
For the period 1 June 2023
to 31 October 2023, off-GDT
sales have contributed
approximately 3 cents per
kgMS to the Farmgate Milk
Price for the 2023/24 season.

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


,
,

,
,
.
.
.

.
.
.
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 Federal Reserve’s mantra that interest rates in the
US will remain high for some time yet is being challenged
by financial markets as early signs of weakness in the labour
market, and inflation, have resulted in the assessment that
interest rates have likely peaked and will require lowering
within the next year. In response, the USD declined allowing
the NZD/USD exchange rate to recover from below 58 US
cents to above 60 US cents.
Fonterra GDT results at
trading event 344
21 November 2023:
The next trading event will be held on 5 December 2023. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
0.1
Fonterra’s weighted
average product price

(USD/MT)
3,295
USD
Fonterra product quantity
sold on GDT
000’ MT
32.8
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 3,606/MT
10.8
CHEDDAR
USD 3,027/MT
1.9
WMP
USD 4,833/MT
1.2
BUTTER
USD 5,544/MT
1.0
AMF
USD 2,594/MT
5.0
SMP
32,765
MT
LATEST AUCTION
268,673
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
New partnership
offers Fonterra farmers
cheaper, cleaner
refrigeration
An innovative new project
dubbed Pay-As-You-Save
(PAUS) launched on
7 November 2023 to make it
easier for Fonterra farmers to
access next generation milk
chilling technology and enjoy
the many benefits that come
with it.
Milk chilling systems are
critical in ensuring milk gets
to the required temperature
of 6°C or below within two
hours of milking, but the units
represent a significant capital
investment for farmers and
can become increasingly
costly as they age. Older units
also use hydrofluorocarbons
(HFCs), which is a coolant gas
that is being phased down
in New Zealand and across
the globe and are much
more limited in terms of their
technology and features.
The PAUS initiative offers
Fonterra farmers the option to
lease new cutting-edge systems
rather than having to purchase
them as they’ve typically done
in the past.
There are a number of benefits
for farmers as well as the
environment, including:
• Hassle-free maintenance:
full servicing of the chilling
units overseen by Cool
Group as part of the lease
agreement.
• Cost effective: farmers have
lease payments deducted
from their monthly milk
cheque from Fonterra, with
the option to extend the
lease when it rolls over or buy
the unit at any point.
• Electricity savings: the
units generate hot water,
unlike most existing systems
where heat is wasted.
Farmers can use this for
cleaning the milking shed
and make significant savings
on their electricity bill. This
feature, combined with how
efficiently the system itself
runs, mean that Dairy Shed
power consumption can
be reduced by up to 30%
on average.
• Reduced emissions: the
leased units use what’s
known as fourth generation
refrigerants instead of HFCs.
They have shown a reduction
in CO₂e of up to 80%
compared to older systems.
• Milk quality benefits: milk
snap chilling to 6°C or below
to comply with milk chilling
regulations. Older systems
can struggle to achieve this,
particularly as they age.
• Improved technology: the
units deliver transparent
data and allow real-time
remote monitoring.
“After years of wrestling
with rising repair costs and
aging chilling systems, the
PAUS initiative will be a
game-changer for Fonterra
suppliers like me,” says Timaru
farmer Bruce Murphy, who
has been an early adopter of
the technology.
“The hassle-free nature of the
scheme means I have more
time to do other things on the
farm and its leasing model
eases the financial burden. The
benefits of extra hot water,
lower power bills and the
environmental aspects really
help sustainable farming and
improve milk quality.”
Anne Douglas, Group Director
of Fonterra Farm Source,
says the Co-operative was
keen to be involved given the
project brings both short and
long-term benefits.
“We’re delighted to be part
of this collaboration because
it delivers value to Fonterra
farmers through things like
improved efficiencies while
also helping lower on-farm
emissions. It’s an exclusive deal
that we can offer in large part
because of the scale of our
Co-operative and strength of
our partnerships.”
PAUS has been set up as a
subsidiary of Cool Group,
a New Zealand-owned and
operated company whose
other subsidiary Coolsense
is an Original Equipment
Manufacturer (OEM)
specialising in commercial and
industrial chilling systems.
“This initiative is more than
just a product offering,” says
Allan Steele, Cool Group CEO.
“It's a commitment to
supporting sustainable
dairy farming, reducing our
collective carbon footprint,
and enhancing the efficiency
of milk production. The
environmental and economic
advantages of the PAUS
project have been field-proven,
marking a significant stride in
the journey to more sustainable
milk production. And we are
excited to be working with
all our partners in making
a difference.”
New Zealand Green
Investment Finance (NZGIF)
is providing the necessary
financing for the leasing of
these chilling systems.
“By financing this initiative,
we're championing a
transformative step in
sustainable farming practices,”
says Jason Patrick, Chief
Investment Officer, NZGIF.
“The $10 million asset finance
facility from NZGIF should
assist Cool Group to offer low
emission chilling infrastructure
to 200+ farms in the next
three years,”
Another important aspect
is the destruction of HFC
refrigerants from the legacy
equipment which is being
undertaken in partnership
with Cool-Safe, New Zealand’s
product stewardship scheme
for handling the very high
global warming potential
gases being recovered from
many of the older refrigeration
systems. Its involvement
ensures HFCs are appropriately
collected and destroyed using
state of the art technology,
eliminating the harm these
synthetic refrigerants have on
the environment.
“We are delighted to be
involved and play a part in this
scheme assisting the dairy
sector in its efforts to reduce
energy use and improve
environmental impacts,” says
Richard Lauder, Chair of the
trust running Cool-Safe.
Furthermore, Purpose Capital,
New Zealand’s largest private
sector impact investment fund,
has entered into a strategic
alliance with Cool Group by
investing equity to foster
business growth.
Bill Murphy, Executive Director,
expressed: “Collaborating
with Cool Group Limited and
being part of the PAUS project
is an exciting venture for us.
Traditional refrigerants are
a considerable contributor
to global warming, and their
proper management and
substitution represents one
of the most effective climate
solutions available. We're
committed to investments
that drive positive change with
measurable positive impacts,
and this initiative is a testament
to that commitment. We’re
thrilled to be working alongside
all the partners in this venture.”

National Chemistry
Week
This year for Chemistry Week, we wanted to introduce some of our team from the Fonterra
Research & Development Centre (FRDC) where chemistry is a fundamental part of their roles.
Alice Smialowska
Senior Research Scientist – Food Chemistry Team
What recent breakthroughs
or innovations in functional
foods have you been involved
in, and how do they promote
better health?
I have been working on
developing novel MPC
(Milk Protein Concentrate)
ingredients that could open up
the ability for our customers
to make innovative, high protein foods that support the multiple
benefits related to higher protein intake.
Andrew Fletcher
Programme Leader – Sustainable Food Systems
Can you explain the significance
of chemistry in achieving
sustainability in food production
and reducing the environmental
impact of dairy production?
Chemistry is fundamental
to our ability to successfully
reduce rumen methane
emissions. Methanogens
provide a service to the cow
by converting excess hydrogen created in the rumen into methane,
which is from the cow’s perspective harmless. Chemistry helps
in identifying compounds that can interfere with the methane
production process and providing an alternate use for the surplus
hydrogen, to prevent this affecting the animal. It is also critical
that we understand the breakdown processes and eventual fate of
any novel compounds we look to introduce into the diets of food
producing animals.
Brad White
Research Scientist – Analytical Science Team
FRDC's engagement with the
community and schools is
important. Can you share stories
or initiatives that demonstrate
the significance of promoting an
understanding of chemistry in
food science and health?
I’ve had the opportunity to
engage with the community
to promote science as a career.
My colleagues and I have run many science shows at the local museum
where we perform a number of exciting experiments to engage
younger kids. We have a real need to grow interest in science careers,
so I feel very privileged to be able to share my passion for science with
so many people and hope to see many take up a career in science.
Daisy Wilkie
Technical Officer – Analytical Science Team
In your view, what are some of
the most exciting contributions
that chemistry can make to
improving the world through
food innovation and health?
By breaking food down into
its basic components, we are
better able to understand how
it can be beneficial to human
health, as well as how we can
alter some of these components to make it even more nutritious.
By successfully fortifying milk products such as baby formula with
compounds like human milk oligosaccharides that make it more like
breast milk, we are able to ensure that the next generation is getting
the nutrients they need to grow up healthy and strong.
Gaile Dombroski
Research Scientist – Analytical Science Team
How does chemistry help in
achieving the creation of highest
quality products without
compromising taste?
Flavour chemistry is very
complex – the way we perceive
sweetness can be swayed. It
is possible to modify levels
of different sugars, to a point
where a product still tastes
great, has the health benefits of dairy but with much improved sugar
levels. We also use chemistry to separate and analyse the amount
in products – this information allows consumers to make informed
dietary choices.
Grant Abernethy
Principal Scientist – Food Assurance Science Team
How does chemistry play a
pivotal role in fortifying milk and
dairy products with essential
vitamins and minerals, making
them more nutritious and
supportive of global health
initiatives?
FRDC chemists help to ensure
the quality and marketability
of all our products by
understanding how to consistently integrate essential vitamins and
minerals in a stable fashion, especially for new ingredients and in
novel products, and provide internationally recognised test methods
to support customer needs and labelling claims.
Our Co-op
8

Hunter Chen
Senior Research Technologist
Could you share a specific project
or innovation that highlights the
role of chemistry in improving
the nutritional content of
dairy products?
At FRDC, we take great pride in
leading the charge in leveraging
the power of chemistry to
enrich the nutritional content
of dairy products.
Traditionally, high-protein nutritional sports beverages rely on
various chemical additives (e.g., gums, stabilising salts) to ensure
their stability on supermarket shelves. These additives can sound
overly chemical, often evoking negative perceptions in consumers'
minds, suggesting the product may be artificial.
We've leveraged the chemistry of dairy proteins to make our
nutritional product significantly more natural, healthier, and
cleaner. More importantly, this approach eliminates concerns
related to 'chemical' additives and preservatives, perfectly
catering to consumers' growing demand for transparent and
uncomplicated products.
John Clements
Associate Research Scientist
In terms of food safety, how does
chemistry play a vital role in
ensuring the quality and safety
of dairy products?
Chemicals make up the world
around us and how they behave
is at the core of chemistry.
In dairy systems, chemistry
determines product flavour,
stability, health benefits, and
supports their manufacture.
Confidence in Food Safety comes from knowing that a process is
under control; chemical testing provides data driven support and
verification that any chemical risks are being managed, to meet
consumer expectations, international standards, and regulations.
Paul Plieger
Analytical Science Manager
How does your background (area
of work) in chemistry contribute
to the goal of making the world
a better place through your work
at FRDC?
Good nutritional food is
of utmost importance to
a healthy mind and body.
At the heart of all food is
chemistry! The various fats,
vitamins, carbohydrates and proteins are all chemical molecules of
various sizes and functions. As manager of the Analytical Sciences
team, I support the team to achieve the dual goal of measuring
the chemical properties of new innovative nutrition and health
solutions under development at FRDC and also to search out new
chemical compounds that have recognisable health benefits.
Sheelagh Hewitt
Principal Research Scientist
The chemistry of milk is a
fascinating topic. Could you
provide an overview of how
understanding milk's chemistry
leads to the development
of better dairy products for
consumers' health?
Understanding the chemistry
of the two major proteins in
milk – casein and whey – has
led to technologies to isolate and concentrate them from milk
to provide a wide range of dairy protein ingredients. Protein is an
essential dietary component and milk is an excellent source of high
quality protein. These protein ingredients - caseinates, total milk
proteins, milk protein concentrates, whey protein concentrates,
whey protein isolates – are used in a wide variety of nutritional
beverages and foods such as infant formula, yoghurt, sports and
medical beverages, protein bars, and processed cheese.
Timothy Ponrathnam
Senior Packaging Research Technologist
The chemistry behind
sustainable packaging is
intriguing. How does it help
reduce the environmental
impact of dairy products, and
what innovative solutions have
you worked on in this area?
At Fonterra, we understand
that packaging plays a pivotal
role in ensuring the safe
delivery of our products to consumers. We aim to enhance the
properties of existing materials, including mechanical, thermal, and
barrier characteristics, ultimately crafting materials that remain
recyclable at the end of their life while continuing to safeguard our
products throughout their intended shelf life.
I’m currently working on a couple of key packaging innovation
programmes that aim to address the shortfalls on the existing
packages on end of life.
Our Co-op
9

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 August; Australia to September; New Zealand and US to October.
NOTE: Data for EU, US and Australia to September; New Zealand to October.
NOTE: Data for Asia, Middle East & Africa, Latin America to September; and China to October.
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 

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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)
OCTOBER
2023
OCTOBER

2022
MONTHLY
CHANGE
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
2022/23
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
200.0200.6(0.3%)489.4492.7(0.7%)
North Island113.8116.4(2.2%)306.3315.1(2.8%)
South Island86.284.12.4%183.1177.63.1%
Australia12. 112.2(0.9%)34.234.3(0.4%)
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 NOVEMBER 2023)
YEAR-TO-DATE

(FROM 1 AUGUST 2023)
Quantity Sold on GDT
(Winning MT)
32,765268,673
Change in Quantity Sold on GDT
over same period last year
22.4%22.5%
Weighted Average Product Price
(USD/MT)
3,2953,112
Change in Weighted Average
Product Price over same period
last year
(10.7%)(18.9%)
Change in Weighted Average
Product Price from previous event
0.1%–
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.