Global Dairy Update May 2024

• Fonterra announces step-change in strategic direction.
1
Global Dairy
UPDATE
• Australia and EU monthly production
increased. New Zealand and US monthly
production decreased.
• Australia monthly exports increased.
New Zealand, EU and US monthly
exports decreased.
• Asia and Middle East & Africa monthly imports
increased. Latin America and China monthly
imports decreased.
• Increased 2023/24 season forecast milk
collections to 1,471 million kgMS.
• Announced 2024/25 season forecast milk
collections of 1,458 million kgMS.
• Fonterra New Zealand's collections for April
were 115.9 million kgMS and season-to-date
collections were 1,400 million kgMS.
• Fonterra crowned #1 cheesemaker in New Zealand.
Key Dates
1 June 2024
Start of the 2024/25 Season
31 July 2024
End of FY24 Financial Year
September 2024
FY24 Annual Results
Announcement
M AY 2 02 4

%%%
%%%%
%
Change for April 2024
compared to April 2023
Change for April 2024
compared April 2023
Change for March 2024
compared to March 2023
Change for March 2024
compared to March 2023
Change for the 12 months
to April 2024
Change for the 12 months
to April 2024
Change for the 12 months
to March 2024
Change for the 12 months
to March 2024
0.42.84.1
2.50.10.3
0.6
0.2
2
OUR MARKETS
Global Production
Australia and EU
monthly production
increased. New Zealand
and US monthly
production decreased
New Zealand milk
production was down
4.1% on a litres basis (down
2.6% on milk solids basis) for
April compared to the same
period the year prior.
The decrease was due
to unfavourable weather
conditions affecting pasture
growth alongside farmers
drying off in preparation for
next season.
New Zealand milk
production for the
12 months to April was
down 0.2% on the previous
comparable period.
Fonterra New Zealand
collections are reported for
April, see page 5 for details.
Australia milk
production increased 2.8%
in March compared to the
same period the year prior.
The increase was due
to favourable weather
conditions and ongoing
availability of irrigation water.
Australia milk production
for the 12 months to March
was up 2.5% on the previous
comparable period.
Fonterra collections in
Australia are reported for
April, see page 5 for details.
EU milk production¹
increased 0.6% in March
compared to the same
period the year prior.
The increase was driven
by growth in Germany
and France, offsetting
declines in key producing
nations such as Ireland,
the United Kingdom, and
the Netherlands.
EU milk production for the
12 months to March was
up 0.1% on the previous
comparable period.
US milk production
decreased 0.4 % in April
compared to the same period
the year prior.
The decrease was mainly
driven by a reduction in
herd sizes, and the ongoing
outbreak of Highly Pathogenic
Avian Influenza (HPAI)
in Texas.
US milk production for
the 12 months to April was
down 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
Australia monthly exports
increased. New Zealand,
EU and US monthly
exports decreased
Total New Zealand
dairy exports decreased
10.8%, or 35,203 MT, in
April compared to the same
period the year prior.
The decrease was mainly
due to lower export volumes
of WMP to China, Algeria,
and Indonesia. This was
partially offset by higher
export volumes of fluid
milk products.
Exports for the 12 months
to April were up 6.1%, or
205,893 MT, on the previous
comparable period.
This was mainly due to
higher overall export
volumes of WMP, SMP and
fluid milk products.
EU dairy exports
decreased 12.8%, or
76,732 MT, in March
compared to the same
period the year prior.
The decrease was driven by
lower export volumes of fluid
milk products, cheese and
SMP to China and Egypt due
to competitive pricing from
other regions.
Exports for the 12 months to
March were down 2.0%, or
130,310 MT, on the previous
comparable period.
This was due to ongoing
lower export volumes of
infant formula to China,
alongside shifts in processing
decisions towards other dairy
products amidst changing
market demands.
US dairy exports
decreased 3.6%, or 9,166 MT,
in March compared to the
same period the year prior.
The decrease was mainly
due to lower export volumes
of SMP. This was partially
offset by ongoing high
export volumes of cheese,
with increased shipments
to Mexico, Canada, and
East Asia.
Exports for the 12 months to
March were down 7.0%, or
203,126 MT, on the previous
comparable period.
This was mainly due to lower
export volumes of powders
as demand from key markets
subdued, alongside lower
export volumes of butter due
to higher prices relative to
the rest of the world when
sales were booked.
Australia dairy exports
increased 13.8%, or 8,538 MT,
in March compared to the
same period the year prior.
The increase in exports
was mainly due to higher
export volumes of cheese,
SMP and butter as rising
milk flows have increased
the availability of product
for export.
Exports for the 12 months to
March were down 13.0%, or
96,684 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 April 2024
compared to April 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
Change for the 12 months
to March 2024
Change for the 12 months
to March 2024
Change for the 12 months
to April 2024
Change for the 12 months
to March 2024
3.6
13.0
10.8
2.0
7.0
13.8
12.8
6.1
%

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 9.7%, or 21,189 MT,
in March compared to the
same period the year prior.
The decrease was mainly due
to lower import volumes of
SMP. This was partially offset
by higher import volumes of
cheese by Mexico.
Imports for the 12 months
to March were up 7.1%, or
165,812 MT, on the previous
comparable period.
This was mainly due to
ongoing higher import
volumes of WMP and cheese
by Mexico and Brazil.
Asia (excluding China)
dairy import volumes¹
decreased 4.2%, or 19,668 MT,
in March compared to the
same period the year prior.
The decrease was mainly due
to lower import volumes of
whey powder by Southeast
Asia. This was partially offset
by higher import volumes
of fluid milk products by
the Philippines.
Imports for the 12 months
to March were up 0.1%, or
4,420 MT, on the previous
comparable period.
This was mainly due to higher
import volumes of whey
powder, SMP, and infant
formula to Pakistan and
Southeast Asia.
Middle East and
Africa dairy import
volumes¹ increased 8.3%,
or 38,082 MT, in March
compared to the same
period the year prior.
The increase was driven
by continued high import
volumes of SMP to
Saudi Arabia, and WMP to
Algeria and the UAE.
Imports for the 12 months
to March were up 4.9%, or
266,811 MT, on the previous
comparable period.
This was mainly due to
higher volumes of SMP to
Algeria and Saudi Arabia,
and WMP to the UAE. This
was partially offset by lower
volume of fluid milk products
to Libya.
China dairy import
volumes decreased by
10.9%, or 29,591 MT, in April
compared to the same
period the year prior.
The decrease was driven
by lower import volumes
of infant formula, fluid milk
products, and SMP.
Imports for the 12 months
to April were down 7.7%, or
246,822 MT, on the previous
comparable period.
This was mainly due to the
ongoing decline in import
demand of infant formula as
China prioritises local brands.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%
%%
Change for March 2024
compared to March 2023
Change for April 2024
compared to April 2023
Change for March 2024
compared to March 2023
Change for March 2024
compared to March 2023
Change for the 12 months
to March 2024
Change for the 12 months
to March 2024
Change for the 12 months
to March 2024
10.94.29.7
0.14.9
%
Change for the 12 months
to April 2024
7.7
8.3
7.1
%
%

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 30 April
compared to prior season
Season-to-date 1 June to 30 April
compared to prior season
Season-to-date 1 June to 30 April
compared to prior season
Season-to-date 1 June to 30 April
compared to prior season
Change for April 2024
compared to April 2023
Change for April 2024
compared to April 2023
Change for April 2024
compared to April 2023
Change for April 2024
compared to April 2023
0.71.38.34.0
1.04.03.50.4
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY










5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections in April were
8.3 million kgMS, 0.7% below
April last season.
The decrease was mainly
due to unfavourable weather
conditions hindering pasture
growth and impacting milk
production in Tasmania and
Western Victoria.
Season-to-date collections
are 91.7 million kgMS, 1.0%
ahead of last season.
North Island milk
collections in April were
61 million kgMS, 8.3% below
April last season.
The decrease was due to
unfavourable conditions
across regions, with more
farmers reducing milking to
once a day or drying off in
preparation for next season.
Season-to-date collections
are 796.5 million kgMS, 3.5%
behind last season.
South Island milk
collections in April were
54.8 million kgMS, 1.3%
ahead of last April.
The increase was due to
farmers utilising excess feed
before winter, alongside
favourable weather
conditions in the Lower South
despite drier climates across
other parts of the region.
Season-to-date collections
are 602.8 million kgMS,
4.0% ahead of last season.
Fonterra's New Zealand
collections for April were
115.9 million kgMS, 4.0%
below April last season.
The decrease was mainly due
to unfavourable pasture quality
impacting collections in the
North Island, partially offset by
higher collections in the South
Island despite dry conditions in
parts of the region.
Season-to-date collections
are 1,400 million kgMS,
0.4% behind last season.
%
Forecast milk collections for the
2024/25 season
1, 4 5 8M
kgMS
Forecast Farmgate Milk Price for
the 2024/25 season
Forecast milk collections for the
2023/24 season
NZD
per
kgMS
%%
7. 2 5 -
8.75
Outlook for Fonterra in New Zealand
%%
For the period 1 June 2023
to 30 April 2024, off-GDT
sales have contributed
approximately 8 cents per
kgMS to the Farmgate Milk
Price for the 2023/24 season.
1, 47 1M
kgMS

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

,
,
,

, 
.
.

.

.

.
PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity prices and New Zealand
dollar trend
Markets are moving in line with mixed signals from the US
economy about whether and when the US Federal Reserve can
cut rates. General risk sentiment improved during May, and
despite ongoing weakness in the New Zealand economy, the
NZD was supported versus a declining USD – the NZD/USD
exchange rate rose to above 61 US cents.
Fonterra GDT results at
trading event 356
21 May 2024:
The next trading event will be held on 5 June 2024. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
2.7
Fonterra’s weighted
average product price

(USD/MT)
3,960
USD
Fonterra product quantity
sold on GDT
000’ MT
16.1
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 4,239/MT
0.4
CHEDDAR
USD 6,871/MT
4.0
BUTTER
USD 2,636/MT
2.3
SMP
USD 7,365/MT
3.4
AMF
USD 3,400/MT
1.7
WMP
16,134
MT
LATEST AUCTION
515,152
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Fonterra announces
step-change in
strategic direction
Fonterra Co-operative Group
Ltd announced a step-change
in its strategic direction, as
it commits to deepening its
position as a world-leading
provider of high-value,
innovative dairy ingredients.
As part of this, the Co-op has
announced it is exploring full
or partial divestment options
for some or all of its global
Consumer business, as well
as its integrated businesses
Fonterra Oceania and
Fonterra Sri Lanka.
Chairman Peter McBride
says this is a significant move
for the Co-op which will set
it up to grow long-term value
for farmer shareholders and
unit holders.
“We have conducted a
strategic review which
has reinforced the role of
our core business. This is
working alongside farmers
to collect a sustainable
supply of milk and efficiently
manufacture products
valued by customers, to
deliver strong returns to
farmer shareholders and unit
holders,” says Mr McBride.
CEO Miles Hurrell says the
review has also given the
Co-op confidence in the role
it plays in the dairy nutrition
value chain, with one of its
greatest strengths being the
production of world-class,
innovative ingredients
for customers to take
to consumers.
“We believe we can grow
further value for the Co-op
by focusing on being a B2B
dairy nutrition provider,
working closely with
customers through our high-
performing Ingredients and
Foodservice channels.
“This will be enabled
by strong relationships
with farmers, a flexible
manufacturing and supply
chain footprint, deeper
partnerships with strategic
ingredients customers,
further investment in
our Foodservice channel,
continued delivery on our
sustainability commitments
and investment
in innovation.
“In this context, we are
exploring divestment
options for our global
Consumer business as well
as our integrated businesses
Fonterra Oceania and
Fonterra Sri Lanka,” says
Mr Hurrell.
Fonterra’s global Consumer
business has grown over
the years since Fonterra was
formed and is performing
well. It includes a portfolio of
market leading brands such
as Anchor, Mainland, Kapiti,
Anlene, Anmum, Fernleaf,
Western Star, Perfect Italiano
and others.
Fonterra Oceania is a
fully integrated business,
recently created through
merging Fonterra Brands
New Zealand and Fonterra
Australia. It comprises
Consumer, Foodservice
and Ingredients businesses.
Fonterra Sri Lanka
comprises Consumer and
Foodservice businesses.
Collectively, the businesses
in scope for potential
divestment utilised
approximately 15% of
the Co-op’s total milk
solids and represented
approximately 19% of
Fonterra’s group operating
earnings in the first half of
FY24, with our Consumer
businesses delivering strong
underlying earnings.
“A divestment of these assets
would help create a simpler,
higher performing Co-op
with our focus on our core
Ingredients and Foodservice
business and doing what we
do best,” says Mr Hurrell.
“While these are great
businesses with recent
strengthening in
performance and potential
for more, ownership of these
businesses is not required to
fulfil Fonterra’s core function
of collecting, processing
and selling milk. Due to
our co-operative structure,
we believe prioritising our
Ingredients and Foodservice
channels and releasing
capital in our Consumer and
associated businesses would
generate more value.
“At the same time, we

8
Our Performance
believe Fonterra is not the
highest-value owner of the
Consumer and associated
businesses in the longer
term and a divestment could
allow a new owner with the
right expertise and resources
to unlock their full potential.
“This presents a great
opportunity for these brands
and businesses. While I
recognise there’s a strong
connection to brands such
as Anchor, a new owner
could help these businesses
to flourish.
“We have also received
unsolicited interest in parts
of these businesses, making
now a good time to consider
their ownership,” says
Mr Hurrell.
As a next step, Fonterra will
appoint advisors to assist
with assessing divestment
options. “We recognise a
divestment of this scale
would be significant for
Fonterra. Throughout
this process we will be
considering how best to
maximise overall returns to
our farmer shareholders and
unit holders.
“The choices we make when
considering divestment
options will be driven by a
clear-eyed view of the best
value creating pathway for
the Co-op, both in terms
of the potential proceeds
from a sale and the ability
for Fonterra to generate
consistent economic returns
over the long-term.
“Any decisions about use of
net proceeds from a sale will
be guided by our Resource
Allocation Framework, which
allocates funds to debt
repayment, investment to
support our strategy and
distributions to shareholders
and unit holders.
“We expect a divestment
process to take at least 12 to
18 months. If we were to
proceed with a divestment
of this size we would seek
shareholder support,” says
Mr Hurrell.
In 2021, Fonterra released
its long-term strategy Our
Path to 2030 which included
financial targets out to
2030. These targets were
based on a strategy which
included the businesses
that are now in scope for
potential divestment and,
in these circumstances,
it is appropriate for
Fonterra to withdraw these
financial targets.
It is also appropriate for
Fonterra to terminate its
on-market share buyback
programme, which was
expected to run until
13 August 2024.
“At all times, we remain
committed to maximising
returns through the
Farmgate Milk Price and
dividends, and achieving a
strong return on capital that
is greater than farmers’ cost
of capital.
“Fonterra will continue to
provide updates on our
forecast Farmgate Milk
Price and earnings guidance
as part of our quarterly
reporting process or as
required. Our FY24 forecast
earnings are not impacted by
this announcement.
The Co-op’s sustainability
targets and associated
investment plans remain
unchanged. Fonterra also
remains committed to
improving cost efficiency
across the Co-op and
will continue to report
progress against efficiency
measures annually.
“Through our work to
date, Fonterra has strong
foundations which puts us
in the position to consider
where we will next invest for
long-term growth.
“We intend to provide
a further update on our
revised long-term strategy
in due course. This will
include further detail on our
plans to grow the long-term
value of Fonterra and the
measures through which we
will track our progress,” says
Mr Hurrell.

Our Co-op
9
Fonterra crowned
#1 cheesemaker in
New Zealand
Fonterra showcased its
mastery in cheesemaking
at the 2024 New Zealand
Champions of Cheese
Awards, held in Hamilton
on Thursday, May 2. The
event crowned Fonterra as
the leading cheesemaker in
Aotearoa New Zealand.
Fonterra secured nine
out of the 26 trophies
presented, representing
nearly one-third of all awards
distributed. Among the
awards was the Woolworths
Champion of Champions
title for NZMP Epicure and
the MilkTestNZ Champion
Cheesemaker award, claimed
by Cathy Lang. This follows
Fonterra's recent success at
the New Zealand Cheese
Awards, where the company
amassed a total of 52 medals.
A standout of the evening
was the victory of NZMP's
Epicure Cheddar which was
crowned the Champion
of Champions. This aged
cheddar, with its rich flavor
profile, highlights Fonterra's
commitment to crafting only
the finest quality cheese.
The Champion of Champions
title for Epicure Cheddar
acknowledges the attention
to detail and commitment to
quality upheld by the team at
Fonterra's Lichfield Cheese
Plant. "This award recognises
the entire team involved in
the end-to-end process from
milk reception to packing
and distribution at Fonterra’s
Lichfield Plant,” said Dan
Packwood, Process Project
Manager at Lichfield Cheese.
Cathy Lang, Principal
Technologist – Specialty
Cheese at Fonterra, is an
esteemed cheesemaker with
over 18 years of experience.
Lang was awarded Champion
Cheesemaker title for the
second time in three years.
The award is the result
of her exceptional skill,
creativity, and dedication
to the art of cheesemaking.
To win this title, Lang
submitted three FBNZ Kapiti
specialty cheeses that she
had developed.
"Winning the Champion
Cheesemaker title is not just
a personal milestone but a
recognition of the collective
passion and hard work of
our entire team," said Lang.
"It's about the art of crafting
cheese that resonates
with both the judges and
cheese lovers alike. I look
forward to continuing
to push the boundaries
of cheesemaking."
Fonterra's Mainland Special
Reserve Chilli & Garlic Brie,
introduced to stores in late
2023, won two trophies,
including the Champion New
Cheese award. Fonterra’s
innovation excellence also
extends to its win for the
Anchor Traditional Cream
Cheese, featuring the
recently launched Gen 2
version of the product.
Louise Paulsen, Technical
Engagement Manager, said
"This is a significant win for
us and acknowledges our
leadership in this category."
From the indulgence of
Kapiti Kikorangi Triple
Cream Blue to the Anchor
Traditional Cream Cheese,
Fonterra's diverse cheese
offerings captivated the
judges. These awards are
a testament to Fonterra's
commitment to quality
and innovation in the art
of cheesemaking.

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

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)
APRIL
2024
APRIL

2023
MONTHLY
CHANGE
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
2022/23
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
115.9120.7(4.0%)1,399.31,404.7(0.4%)
North Island61.066.6(8.3%)796.5825.1(3.5%)
South Island54.854.21.3%602.8579.54.0%
Australia8.38.4(0.7%)91.790.81.0%
2023/24 season
forecast Farmgate
Milk Price (FGMP)
update
2024/25 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
29 May 2024$7.70-
$7.90
$7.800.61440.612699%12%
21 March 2024$7.50-
$8.10
$7.800.60820.612592%17%
As at the most recent update to the 2023/24 season forecast Farmgate Milk Price dated 29 May 2024:
• Fonterra had hedged approximately 99% of the full year forecast USD cash flows related to the
2023/24 season Farmgate Milk Price.
• Of that 99%, approximately 12% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 1% of the forecast USD cash flows were to be hedged at the 29 May 2024 spot rate
of 0.6144, the average NZD/USD conversion rate for the 2024 season would be 0.6126.
• 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 21 March 2024.
ANNOUNCEMENT
DATE
FORECAST
FGMP (NZD)
NZD/USD RATE AT
ANNOUNCEMENT
DATE
FORECAST
AVERAGE
CONVERSION
RATE FOR
2024/25
SEASON
PERCENTAGE
OF FORECAST
FOREIGN
EXCHANGE
EXPOSURE
FOR 2024/25
SEASON
HEDGED
PERCENTAGE
OF FOREIGN
EXCHANGE
OPTION
COVER
REMAINING
IN HEDGED
AMOUNT
RANGE MID-
POINT
29 May 2024$7.25-
$8.75
$8.000.61440.613049%11%
For the opening forecast Farmgate Milk Price for the 2024/25 season announced on 29 May 2024:
• Fonterra had hedged approximately 49% of the full year forecast USD cash flows related to the
2024/25 season Farmgate Milk Price.
• Of that 49%, approximately 11% was hedged with foreign exchange options which had not yet expired
or been exercised.
• If the remaining 51% of the forecast USD cash flows were to be hedged at the 29 May 2024 spot rate
of 0.6144, the average NZD/USD conversion rate for the 2024 season would be 0.6130.

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

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,

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WEIGHTED AVERAGE PRICE USDMT
QUANTITY SOLD  MT
12

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
(21 MAY 2024)
YEAR-TO-DATE

(FROM 1 AUGUST 2023)
Quantity Sold on GDT
(Winning MT)
16,134515,152
Change in Quantity Sold on GDT
over same period last year
(19.0%)(2.3%)
Weighted Average Product Price
(USD/MT)
3,9603,349
Change in Weighted Average
Product Price over same period
last year
12.3%(7.7%)
Change in Weighted Average
Product Price from previous event
2.7%–
Fonterra GDT results
This chart shows Fonterra
GDT prices and volumes over
the past 12 months.

13
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.