Global Dairy Update April 2024

• New Sharesies platform to offer farmers mobile-first
share trading.
1
Global Dairy
UPDATE
• Australia monthly production increased.
New Zealand, US and EU monthly
production decreased.
• New Zealand, Australia and US
monthly exports increased. EU monthly
exports decreased.
• Latin America, Asia and Middle East & Africa
monthly imports increased. China monthly
imports decreased.
• Fonterra's New Zealand collections for March
were 134.4 million kgMS, 2.4% lower than
last March. Season-to-date collections are
1,283.4 million kgMS, remaining flat compared
to last season.
• Fonterra’s Australia collections for March
were 8.5 million kgMS, 0.7% ahead of March
last season. Season-to-date collections were
83.3 million kgMS, 1.2% ahead of last season.
• Building a brighter future in STEM.
Key Dates
29 May 2024
FY24 Q3 Business Update
1 June 2024
Start of the 2024/25 Season
31 July 2024
End of FY24 Financial Year
APRIL 2024

%%%
%%%%
%
Change for March 2024
compared to March 2023
Change for March 2024
compared March 2023
Change for February 2024
compared to February 2023
Change for January 2024
compared to January 2023
Change for the 12 months
to March 2024
Change for the 12 months
to March 2024
Change for the 12 months
to February 2024
Change for the 12 months
to January 2024
1.18.73.5
2.00.20.3
0.7
0.6
2
OUR MARKETS
Global Production
Australia monthly
production increased.
New Zealand, US
and EU monthly
production decreased
New Zealand milk
production was down
3.5% on a litres basis (down
1.2% on milk solids basis)
for March compared to the
same period the year prior.
The production decrease
was due to the impacts
of El Niño, leading to dry
weather conditions in South
Taranaki, Manawatu, and the
East Coast.
New Zealand milk
production for the
12 months to March was
up 0.6% on the previous
comparable period.
Fonterra New Zealand
collections are reported for
March, see page 5 for details.
Australia milk
production increased 8.7%
in February compared to the
same period the year prior.
The production increase was
due to favourable weather
conditions and lower cost
of irrigation.
Australia milk production for
the 12 months to February
was up 2.0% on the previous
comparable period.
Fonterra collections in
Australia are reported for
March, see page 5 for details.
EU milk production¹
decreased 0.7% in January
compared to the same
period the year prior.
Production decreased in
Germany, Ireland and the
Netherlands, partially offset
by an increase in Poland.
EU milk production for the
12 months to January was
down 0.2% on the previous
comparable period.
Production decreased in
France, Ireland and Italy,
partially offset by increases
in Germany and Poland.
US milk production
decreased 1.1% in March
compared to the same period
the year prior.
The production decrease was
mainly driven by smaller herd
sizes resulting in fewer cows
producing milk, alongside
recent reports of highly
pathogenic avian influenza
(HPAI) in Texas impacting
milk yields.
Milk production for the
12 months to March was
down by 0.3 % on the previous
comparable period.
This is mainly due to smaller
herd numbers and continued
lower milk yield.
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, Australia
and US monthly exports
increased. EU monthly
exports decreased
Total New Zealand dairy
exports increased 7.3%,
or 21,462 MT, in March
compared to the same
period the year prior.
The increase was mainly
due to significant shipping
disruptions from Cyclone
Gabrielle last year.
Exports for the 12 months
to March were up 9.3%, or
305,608 MT, on the previous
comparable period.
The increase was mainly due
to higher export volumes
of WMP, SMP and AMF
to China.
EU dairy exports
decreased 2.6%, or
12,960 MT, in February
compared to the same
period the year prior.
The decrease was mainly due
to lower export volumes of
infant formula to China. This
was partially offset by higher
export volumes of lactose to
New Zealand, and cheese to
the US.
Exports for the 12 months to
February were down 0.4%,
or 27,344 MT, on the previous
comparable period.
This was due to lower
export volumes to China,
alongside shifts in processing
decisions towards other dairy
products amidst changing
market demands.
US dairy exports
increased 11. 4%, or
23,862 MT, in February
compared to the same
period the year prior.
The increase was mainly due
to the higher export volumes
of cheese, the highest
recorded since June 2022,
with increased shipments
to Mexico, Japan, and
South Korea.
Exports for the 12 months to
February were down 6.8%, or
197,791 MT, on the previous
comparable period.
This was mainly due to
lower export volumes of
whey protein to China
amidst stricter regulations
in the hog industry, resulting
in lower demand for
feed-grade products.
Australia dairy exports
increased 17.9%, or 9,177  MT,
in February compared to the
same period the year prior.
The increase in exports was
mainly due to higher export
volumes of SMP, cheese
and WMP.
Exports for the 12 months to
February were down 15.9%,
or 121,761 MT, on the previous
comparable period.
This was mainly due to
the disconnect between
Australia’s domestic milk
price and global commodity
price, making Australian
exports less competitive.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%%
%
%
Change for March 2024
compared to March 2023
Change for February 2024
compared to February 2023
Change for February 2024
compared to February 2023
Change for February 2024
compared to February 2023
Change for the 12 months
to February 2024
Change for the 12 months
to February 2024
Change for the 12 months
to March 2024
Change for the 12 months
to February 2024
11.4
15.9
7.3
0.4
6.8
17.9
2.6
9.3
%

To view a chart that
illustrates year-on-year
changes in imports –
4
OUR MARKETS
Global Imports
Latin America, Asia
and Middle East &
Africa monthly imports
increased. China monthly
imports decreased
Latin America dairy
import volumes¹ increased
13. 1%, or 24,056 MT, in
February compared to the
same period the year prior.
The increase was mainly due
to higher import volumes
of cheese by Mexico and
South America, driven by
stronger buying power of the
Peso and tourism growth.
Imports for the 12 months to
February were up 9.3%, or
214,933 MT, on the previous
comparable period.
This was mainly due to
ongoing higher import
volumes of WMP by Brazil.
Asia (excluding China)
dairy import volumes¹
increased 17.0%, or 63,646  MT,
in February compared to the
same period the year prior.
The increase was mainly due
to higher import volumes of
SMP by the Philippines and
whey powder by Malaysia.
Imports for the 12 months to
February were up 2.0%, or
99,356 MT, on the previous
comparable period.
This was mainly due to higher
import volumes of whey
powder to Vietnam, and fluid
milk to the Philippines.
Middle East and Africa
dairy import volumes¹
increased 7.3%, or 32,323  MT,
in February compared to the
same period the year prior.
The increase was driven by
higher import volumes of
SMP to Saudi Arabia, and
WMP to Algeria and UAE.
Imports for the 12 months
to February were up 3.7%, or
202,669 MT, on the previous
comparable period.
This was mainly due to
higher volumes of SMP to
Algeria and Saudi Arabia,
and WMP to UAE. This was
partially offset by lower
volume of fluid milk product
to Libya.
China dairy import
volumes decreased by
20.5%, or 58,432 MT, in
March compared to the
same period the year prior.
The decrease was driven by
lower import volumes of
infant formula and SMP.
Imports for the 12 months to
March were down 6.8%, or
218,530 MT, on the previous
comparable period.
This was mainly due to a
decline in import demand
of infant formula and fluid
milk. This was partially offset
by higher import volumes of
lactose and cheese.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%
%%
Change for February 2024
compared to February 2023
Change for March 2024
compared to March 2023
Change for February 2024
compared to February 2023
Change for February 2024
compared to February 2023
Change for the 12 months
to February 2024
Change for the 12 months
to February 2024
Change for the 12 months
to February 2024
20.517.013.1
2.03.7
%
Change for the 12 months
to March 2024
6.8
7.3
9.3
%
%

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 March
compared to prior season
Season-to-date 1 June to 31 March
compared to prior season
Season-to-date 1 June to 31 March
compared to prior season
Season-to-date 1 June to 31 March
compared to prior season
Change for March 2024
compared to March 2023
Change for March 2024
compared to March 2023
Change for March 2024
compared to March 2023
Change for March 2024
compared to March 2023
0.75.69.02.4
1.24.33.00.0
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY










5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections in March were
8.5 million kgMS, 0.7% ahead
of March last season.
Collections increased in
March due to favourable
weather conditions boosting
soil moisture levels and
pasture establishment,
alongside ongoing access to
low price irrigation water.
Season-to-date collections
were 83.3 million kgMS, 1.2%
ahead of last season.
North Island milk
collections in March was
69.1 million kgMS, 9% below
March last season.
The decrease was due to
unfavourable conditions
across regions and farmers
becoming more reliant on
supplementary feed in areas
with low pasture covers.
Season-to-date collections
are 735.5 million kgMS, 3%
behind last season.
South Island milk
collections in March was
65.3 million kgMS, 5.6%
ahead of last March.
The increase was
due to favourable
weather conditions
easing the pressure on
irrigation, resulting in
pasture growth despite
declining temperatures.
Season-to-date collections
are 547.9 million kgMS, 4.3%
ahead of last season.
Fonterra's New Zealand
collections in March were
134.4 million kgMS, 2.4%
lower than last March.
The decrease was due
to unfavourable weather
conditions impacting
production in the
North Island. This was
partially offset by favourable
weather conditions in the
South Island despite recent
colder weather.
Season-to-date collections
are 1,283.4 million kgMS,
remaining flat compared to
last season.
%
%
%
%%

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


,
,
,
,
.
.
.

.
.
.
PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity prices and New Zealand
dollar trend
US economic outperformance versus forecast, and to peers,
led to a further paring back of expectations for interest rate
cuts during 2024. This, together with safe-haven demand for
US dollars stemming from heightened geopolitical risk in the
Middle East, saw the NZD/USD exchange rate decline to below
59 US cents.
Fonterra GDT results at
trading event 354
16 April 2024:
The next trading event will be held on 7 May 2024. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
1.5
Fonterra’s weighted
average product price

(USD/MT)
3,734
USD
Fonterra product quantity
sold on GDT
000’ MT
15.6
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 3,974/MT
8.4
CHEDDAR
USD 7,062/MT
1.8
AMF
USD 2,569/MT
0.2
SMP
USD 3,268/MT
0.7
WMP
USD 6,558/MT
1.3
BUTTER
15,612
MT
LATEST AUCTION
482,510
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
New Sharesies
platform to offer
farmers mobile-first
share trading
We’re teaming up with
Sharesies to offer Fonterra’s
farmer owners a new way
to trade the farmer-only
Fonterra Co-op Group (FCG)
shares among themselves.
Sharesies is a New Zealand-
owned wealth app that helps
people easily manage their
shares, savings and Kiwisaver
all in one place.
The current trading platform
technology for Fonterra
shares has been in place
since 2012 and the existing
vendor agreement is due
to expire shortly. This
presented an opportunity
for us to review and enhance
the trading experience
for farmers.
In partnering with Sharesies,
from mid-2024, the following
new features will be on offer:
• Share trading on mobile
devices, as well as via a
web browser.
• Notifications to alert when
the share price moves to
a level that farmers are
interested in.
• Ability to order shares
without having funds in
trading accounts. To date,
farmers had to have money
in their account to place
an order.
• View holdings for multiple
farms under one login.
• Ability to switch between
Fonterra shares and
personal investments held
through Sharesies such as
shares, savings or Kiwisaver
under one login.
Fonterra’s Acting CFO
Simon Till says the
collaboration with Sharesies
will deliver a number of
benefits to make trading
shares easier.
“Sharesies is in the final
stages of completing a
tailored and exclusive
space for our shareholders
that’s more intuitive and
accessible for managing
their investment in the
Co-operative.
“We believe it will offer
Fonterra farmers an
improved trading experience
and new features that will
support liquidity under
our Flexible Shareholding
capital structure that
was introduced last year,”
said Simon.
To date, only the Fonterra
Shareholders’ Fund (FSF)
units traded on the NZX
have been available on the
Sharesies platform. The
units in the Fund represent
6.7% of the Fonterra shares
on issue.
Under Fonterra’s Flexible
Shareholding capital
structure, units in the
Fund (FSF) are held by
a mix of farmers, retail
investors, private wealth and
institutions. Fonterra shares
(FCG) can only be held by
current or former supplying
farmers, sharemilkers,
contract milkers or farm
lessors. Former suppliers
can also transfer Fonterra
shares to their relatives or
related parties.

Our Co-op
8
Building a brighter
future in STEM
In a significant move towards
fostering diversity and
inclusivity in STEM (Science,
Technology, Engineering, and
Mathematics) fields, Fonterra
and Pūhoro, a national
Charitable Trust dedicated
to increasing Māori
participation in STEMM
(Science, Technology,
Engineering, Mathematics,
and Mātauranga Māori),
have joined forces in a
new partnership.
This collaboration aims
to significantly enhance
M
āori representation in
STEM careers within the
Co-op, building upon the
successful groundwork laid
by the existing collaboration
between Pūhoro and
Palmerston North based,
Fonterra Research and
Development Centre (FRDC).
Since its establishment in
2016, P
ūhoro has tirelessly
worked with various
partners to amplify Māori
presence in STEM fields. This
partnership with Fonterra
perfectly aligns with its
ongoing commitment to
strengthening relationships
with tangata whenua (people
of the land) and honouring
the unique contribution
of Te Ao M
āori (the Māori
worldview) to Aotearoa.
It underpins the Co-op's
dedication to fostering
diversity, equity, and
inclusion while nurturing
a robust talent pipeline for
the future.
"Fonterra is privileged to
be partnering with P
ūhoro
to strengthen rangatahi
Māori pathways into STEM
careers and ensure we are
growing more inclusive
working environments" says
Amy Young, Talent Manager
at Fonterra.
Young emphasised
Fonterra's aspiration for a
workforce that mirrors the
communities it serves and
the invaluable enrichment
that M
āori perspectives
bring to the Co-op. Through
collaborative efforts, the aim
is to significantly augment
Māori representation
across Fonterra's Early
Careers pathways, including
graduate programmes
and apprenticeships.
For young M
āori individuals
like Paris Cutler, this
partnership opens doors to
personal and professional
growth within the dairy
industry. Cutler shared
her internship experience,
highlighting exposure to
cutting-edge research,
mentorship from industry
experts, and the integration
of Māori knowledge
into the workforce. Such
opportunities not only
bolster confidence but also
lay a sturdy foundation for
future career endeavours,
instilling a sense of direction
and purpose.
“These opportunities are
fundamental in setting a
strong foundation for my
future career and personal
aspirations, as they are a
chance to learn, develop my
skills and make connections
that will shape my career
path. This kaupapa has given
me more confidence and
direction and has shown
me that by embracing my
M
āoritanga I can thrive
in the STEM workforce.”
Cutler says.
Kemp Reweti, Manahaut
ū
Chief Executive of Pūhoro,
expressed excitement about
the partnership's potential to
broaden STEM opportunities
for Māori youth and pave the
way into a fulfilling career.
“The partnership will enable
P
ūhoro to connect rangatahi
to new pathways in STEM
within one of the largest
companies in Aotearoa.”
“Rangatahi will have the
opportunity to gain exposure
into these diverse pathways
from as early as Year 11,
where Fonterra will deliver
bespoke workshops as part
of our termly w
ānanga series
in high schools.”
“It’s important for us to work
with organisations who value
the unique world view, skills,
and knowledge our rangatahi
bring to STEM and we look
forward to the development
of this partnership in the
years to come."
The partnership signifies
a shared commitment
to recognising and
valuing the unique skills
and perspectives that
M
āori youth bring to
STEM disciplines.

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
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.
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 January; Australia to February; New Zealand and US to March.
NOTE: Data for EU, US and Australia to February; New Zealand to March.
NOTE: Data for Asia, Middle East & Africa, Latin America to February; China to March.
SOURCES: Government milk production statistics (DCANZ, Dairy Australia, Eurostat, USDA)/GTA trade data/Fonterra analysis.

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)
MARCH
2024
MARCH

2023
MONTHLY
CHANGE
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
2022/23
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
134.4137.7(2.4%)1,283.41,283.90.0%
North Island69.175.9(9.0%)735.5758.6(3.0%)
South Island65.361.85.6%547.9525.34.3%
Australia8.58.50.7%83.382.41.1%
2023/24 season
forecast Farmgate
Milk Price (FGMP)
update
ANNOUNCEMENT
DATE
FORECAST
FGMP (NZD)
NZD/USD RATE AT
ANNOUNCEMENT
DATE
FORECAST
AVERAGE
CONVERSION
RATE FOR
2023/24
SEASON
PERCENTAGE
OF FORECAST
FOREIGN
EXCHANGE
EXPOSURE
FOR 2023/24
SEASON
HEDGED
PERCENTAGE
OF FOREIGN
EXCHANGE
OPTION
COVER
REMAINING
IN HEDGED
AMOUNT
RANGE MID-
POINT
21 March 2024$7.50-
$8.10
$7.800.60820.612592%17%
12 February 2024$7.30-
$8.30
$7.800.61500.613690%19%
As at the most recent update to the 2023/24 season forecast Farmgate Milk Price dated
21 March 2024:
• Fonterra had hedged approximately 92% of the full year forecast USD cash flows related to the
2023/24 season forecast Farmgate Milk Price.
• Of that 92%, approximately 17% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 8% of the forecast USD cash flows were to be hedged at the 21 March 2024
spot rate of 0.6082, the average NZD/USD conversion rate for the 2024 season would
be 0.6125.
• Also shown for information are the equivalent measures at the date of the previous update to
the 2023/24 season Forecast Farmgate Milk Price on 12 February 2024.

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 GDT results
This table provides more
information on the latest
results, including a snapshot
of the year-to-date results.
LAST TRADING EVENT
(16 APRIL 2024)
YEAR-TO-DATE

(FROM 1 AUGUST 2023)
Quantity Sold on GDT
(Winning MT)
15, 612482,510
Change in Quantity Sold on GDT
over same period last year
(27.0%)(0.8%)
Weighted Average Product Price
(USD/MT)
3,7343,312
Change in Weighted Average
Product Price over same period
last year
9.4%(8.9%)
Change in Weighted Average
Product Price from previous event
1.5%–
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.