Global Dairy Update February 2025

• Fonterra provides FY25 earnings and milk collection update
1
Global Dairy
UPDATE
• New Zealand and US monthly production
increased. Australia and EU monthly
production decreased
• New Zealand, Australia and EU
monthly exports increased. US monthly
exports decreased
• Latin America and China monthly imports
increased. Asia and Middle East & Africa
monthly imports decreased
• Fonterra’s New Zealand milk collections
for January were 165.7 million kgMS, 4.6%
above January last season. Season-to-date
collections are 1,048.2 million kgMS, 3.6%
above last season
• Fonterra’s Australia collections in January
were 9.8 million kgMS, 1.7% above January last
season. Season-to-date collections are 67.6
million kgMS, 1.7% above last season
• Fonterra announces new incentives for farmers to
reduce emissions
Key Dates
20 March 2025
FY25 Interim Results Announcement
May 2025
FY25 Q3 Business Update
FEBRUARY 2025

%%%
%%
%
Change for January 2025
compared to January 2024
Change for January 2025
compared to January 2024
Change for December 2024
compared to December 2023
Change for December 2024
compared to December 2023
Change for the 12 months to
January 2025
Change for the 12 months to
January 2025
Change for the 12 months to
December 2024
Change for the 12 months to
December 2024
0.12.9
2.40.60.1
0.1
2.0
1.0
2
OUR MARKETS
Global Production
New Zealand and US
monthly production
increased. Australia and
EU monthly production
decreased
New Zealand milk
production increased 2.9%
in January compared to the
same period the year prior.
The increase was due
to favourable weather
conditions in the North
Island and the South Island.
New Zealand milk
production for the 12
months to January were
up 2.0% on the previous
comparable period.
Fonterra New Zealand
collections are reported
for January, see page 5
for details.
Australia milk
production decreased 1.0%
in December compared to the
same period the year prior.
The decrease was mainly due
to Western Victoria volumes
still recovering after a dry
start to the season. This
was partially offset by
favourable conditions in
Northern Victoria.
Australia milk production for
the 12 months to December
were up 2.4% on the
previous comparable period.
Fonterra collections in
Australia are reported
for January, see page 5
for details.
EU milk production¹
decreased 0.1% in December
compared to the same
period the year prior.
The decrease was mainly
driven by lower production in
France and Germany as they
recover from the impact of
Bluetongue Disease.
EU milk production for the
12 months to December were
up 0.6% on the previous
comparable period.
US milk production
increased 0.1% in January
compared to the same
period the year prior.
The increase was mainly due
to increasing herd sizes and
higher yields in Idaho, Texas,
and South Dakota, where
new processing capacity is
increasing production.
The increase was partially
offset by California's
challenges with avian flu,
with the state's production
falling 5.7% compared to the
same period last season.
US milk production for the
12 months to January were
down 0.1% 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, Australia
and EU monthly exports
increased. US monthly
exports decreased
New Zealand dairy
exports increased 8.6%,
or 29,935 MT, in January
compared to the same
period the year prior.
The increase was mainly due
to higher export volumes of
WMP and butter to China,
and cheese to the UK, Japan,
and South Korea.
Exports for the 12 months
to January were up 0.8%, or
27,811 MT, on the previous
comparable period.
The increase was mainly due
to higher export volumes
of MPC and MPI, partially
offset by lower export
volumes of AMF.
EU dairy exports¹
increased 18. 1%, or 88,392 MT,
in December compared to the
same period the year prior.
The increase was mainly due
to higher export volumes
of fluid milk products by
Ireland. Exporters continued
to front load shipments to
the US in response to port
strike concerns.
Exports for the 12 months to
December were up 2.9%, or
195,062 MT, on the previous
comparable period.
The increase was mainly due
to higher export volumes
of fluid milk products from
Ireland. This was partially
offset by lower export
volumes of SMP from Ireland.
US dairy exports
decreased 0.5%, or 1,046 MT,
in December compared to the
same period the year prior.
The decrease was mainly due
to lower export volumes of
SMP from softened demand
in Southeast Asia. This was
partially offset by higher
export volumes of cheese.
Exports for the 12 months to
December were up 1.3%, or
37,059 MT, on the previous
comparable period.
This was mainly due to
volume growth for cheese
exports over 10 consecutive
months, partially offset by
lower export volumes of SMP.
Australia dairy exports
increased 13.4%, or 8,178 MT,
in December compared to the
same period the year prior.
The increase was mainly due
to lower domestic demand
for dairy, which has resulted
in higher volumes available
for exports.
Exports for the 12 months to
December were up 10.0%, or
64,760 MT, on the previous
comparable period.
This was mainly due to
higher export volumes of
cheese and SMP as a result
of higher global commodity
prices and lower domestic
consumption.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%%
%
%
Change for January 2025
compared to January 2024
Change for December 2024
compared to December 2023
Change for December 2024
compared to December 2023
Change for December 2024
compared to December 2023
Change for the 12 months to
December 2024
Change for the 12 months to
December 2024
Change for the 12 months to
January 2025
Change for the 12 months to
December 2024
0.5
10.0
8.6
2.9
1.3
13.4
18.1
0.8
%
1 Excludes UK.

To view a chart that
illustrates year-on-year
changes in imports –
4
OUR MARKETS
Global Imports
Latin America and
China monthly imports
increased. Asia and
Middle East & Africa
monthly imports
decreased
Latin America dairy
import volumes¹ increased
5.1%, or 10,487 MT, in
December compared to the
same period the year prior.
The increase was mainly due
to higher import volumes
of SMP by the Dominican
Republic. This was partially
offset by lower import
volumes of WMP by Brazil.
Imports for the 12 months to
December were up 5.1%, or
127,940 MT, on the previous
comparable period.
This was mainly due to higher
import volumes of cheese and
fluid milk products by Mexico.
Asia (excluding China)
dairy import volumes¹
decreased 3.2%, or 13,986 MT,
in December compared to the
same period the year prior.
The decrease was mainly due
to lower import volumes of
WMP by Bangladesh. This
was partially offset by higher
import volumes of fluid milk
products by the Philippines.
Imports for the 12 months to
December were up 4.8%, or
241,252 MT, on the previous
comparable period.
This was mainly due to higher
import volumes of fluid milk
products by the Philippines.
Middle East and Africa
dairy import volumes¹
decreased 0.7%, or 3,309 MT,
in December compared to the
same period the year prior.
The increase was driven by
lower import volumes of fluid
milk products by Libya. This
was partially offset by higher
import volumes of SMP by
Egypt and Algeria.
Imports for the 12 months to
December were up 1.3%, or
74,402 MT, on the previous
comparable period.
This was mainly due to higher
import volumes of SMP by
Algeria, partially offset by lower
import volumes of cultured
products by the Democratic
Republic of the Congo.
China dairy import
volumes increased by 18.6%,
or 44,445 MT, in December
compared to the same period
the year prior.
The increase was driven
by higher import volumes
of WMP as local supply
growth slowed.
Imports for the 12 months
to December were down
8.8%, or 272,025 MT, on the
previous comparable period.
This was mainly due to lower
import volumes of fluid milk
products and SMP.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%%
%%
Change for December 2024
compared to December 2023
Change for December 2024
compared to December 2023
Change for December 2024
compared to December 2023
Change for December 2024
compared to December 2023
Change for the 12 months to
December 2024
Change for the 12 months to
December 2024
Change for the 12 months to
December 2024
18.63.25.1
4.81.3
%
Change for the 12 months to
December 2024
8.8
0.7
5.1
%

To view a table that shows
detailed milk collections in New
Zealand and Australia compared
to the previous season –
%%
%%
Increase for the 2024/25 Season
compared to Previous Season
Increase for the 2024/25 Season
compared to Previous Season
Increase for the 2024/25 Season
compared to Previous Season
Increase for the 2024/25 Season
compared to Previous Season
Increase for January 2025
compared to January 2024
Increase for January 2025
compared to January 2024
Increase for January 2025
compared to January 2024
Increase for January 2025
compared to January 2024
1.73.7
1.6
5.44.6
1.75.03.6
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY












5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections in January were
9.8 million kgMS, 1.7% above
January last season.
The increase was mainly
due to continued strong
production in Northern
Victoria with feed availability
and access to irrigation water
relatively unconstrained.
Season-to-date
collections are 67.6 million
kgMS, 1.7% above last season.
North Island milk
collections in January
were 90.3 million kgMS,
5.4% higher than January
last season.
The increase was mainly due
to above average sunlight
levels which supported
pasture growth across the
Waikato, despite North Island
soil moisture remaining drier
than average.
Season-to-date collections
are 624.1 million kgMS, 5.0%
above last season.
South Island milk
collections in January
were 75.4 million kgMS,
3.7% higher than January
last season.
The increase was mainly
due to improved rainfall
which saw easing pressure
on irrigation by raising
water tables.
Season-to-date collections
are 424.1 million kgMS, 1.6%
above last season.
Fonterra's New Zealand
collections for January were
165.7 million kgMS, 4.6%
above January last season.
The increase was due
to favourable weather
conditions supporting higher
milk collections in the North
Island and the South Island.
Overall milk collections were
above the prior season for the
seventh month in a row.
Season-to-date collections
are 1,048.2 million kgMS,
3.6% above last season.
%%
%%
Forecast milk collections for the
2024/25 season
1,510M
kgMS
Forecast Farmgate Milk Price for
the 2024/25 season
NZD
per
kgMS
9.50-
10.50
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
Investor sentiment and the direction of financial markets
continues to be driven by the new US administration’s
developing trade, fiscal, and global security policies. This ever-
changing landscape has produced a safe-haven demand for
US dollars and pressured the NZD/USD exchange rate lower.
Additionally, the widening interest rate differential to the USD
has further supported the increasing size of speculative NZD
selling in the FX market.
Fonterra GDT results at
trading event 374
18 February 2025:
The next trading event will be held on 4 March 2025. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
1.6
Fonterra’s weighted
average product price

(USD/MT)
4,589
USD
Fonterra product quantity
sold on GDT
000’ MT
19.3
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 2,892/MT
3.4
SMP
USD 7,391/MT
2.6
BUTTER
USD 6,723/MT
0.6
AMF
USD 4,151/MT
0.4
WMP
USD 4,862/MT
3.2
CHEDDAR
19,335
MT
LATEST AUCTION
432,541
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Fonterra provides FY25
earnings and milk
collection update
date has meant our forecast
collections for the season are
up,” says CEO Miles Hurrell.
“The Co-op’s earnings
momentum is driven by
strong demand across our
sales channels. Subject to
audit, our first half accounts
indicate our full year forecast
earnings for FY25 will be in
the upper half of the 40-60
cents per share range.
“Fonterra’s earnings and the
forecast Farmgate Milk Price
have both benefitted from
solid demand for our high
value Ingredients products,
and our sales book is well
contracted for the season.
“Considering these factors,
we expect to be in a position
to pay a strong interim
dividend. Our revised
dividend policy released in
September 2024 is 60-80%
of full year earnings, with up
to 50% of full year dividend
to be paid at interims,” says
Mr Hurrell.
Fonterra Co-operative Group
Ltd provided an update on
its forecast earnings for
FY25, which it anticipates
will be in the upper half of
the previously announced
forecast earnings range of
40-60 cents per share.
“As we prepare our FY25
interim results for release on
20 March, we can see we’ve
maintained the momentum
from Q1. Further to this,
good pasture growth across
most of New Zealand to

Our Co-op
8
Fonterra announces new
incentives for farmers to
reduce emissions
New Co-operative
Difference payment
• 1-5 cent per kgMS
payment: To date, a total of
up to 10 cents per kilogram
of milk solids (kgMS)
has been possible across
all achievements within
Fonterra’s Co-operative
Difference framework. A
new Emissions Excellence
achievement will offer a
further payment of between
1-5 cents per kgMS for
farms that meet certain
criteria*. Based on last
season’s data, it’s estimated
that approximately 5,000
farms will be eligible for this
payment next season.
New customer incentives
Funding from separate
agreements with Mars and
Nestlé, will be split between:
• On-farm solutions:
Farmers who achieve the Co-
operative Difference will be
eligible for access to on-farm
tools or services designed
to further improve emissions
efficiency, for example
herd efficiency services
from LIC and CRV. Based on
last season’s achievements,
87% of farmers would’ve
been eligible.
• Extra 10-25 cents per
kgMS Emissions Incentive
payment: Farmers who
achieve the Co-operative
Difference and have one
of the lowest emissions
footprints in the Co-op**
will receive an Emissions
Incentive payment of
between 10-25 cents per
kgMS. Based on last season’s
data it’s estimated that
between 300-350 farms will
be eligible for this payment
next season.
Mars Snacking Chief
R&D, Procurement and
Sustainability Officer,
Amanda Davies says
between new equipment and
technology, embracing more
sustainable practices comes
with a price tag for farmers.
“That’s why we’re working
with partners like Fonterra
to help remove this
barrier – providing cash,
tools, and technology
to support farmers in
making meaningful, long-
term changes.”
Nestlé New Zealand
CEO, Jennifer Chappell,
says Nestlé globally is a
significant purchaser of New
Zealand dairy ingredients,
and dairy remains its largest
source of greenhouse
gas emissions.
“As we strive towards
achieving net zero emissions
by 2050, we are committed
to reducing our Scope 3
emissions. We will continue
to support farmers, in
partnership with Fonterra,
fostering new economic
opportunities and helping
them lower their greenhouse
gas emissions.”
Mars and Nestlé have
independently supported
Fonterra farmers with
their sustainability
actions through initiatives
introduced over the past
couple of seasons.
In 2024, Fonterra farmers
were invited to take part in
the Mars Tools and Services
pilot, which provided
access to tools and services,
including animal efficiency
services and digital tools.
Additionally, Mars previously
supported the Greener
Choices programme, which
made it easier for Fonterra
farmers to identify and buy
products at Farm Source
stores that could help them
make sustainability
Fonterra has announced new
funding designed to build a
stronger Co-operative and
continue to grow value for
its shareholders through
helping farmers reduce on-
farm emissions.
For the 2025/26 season
beginning on 1 June,
Fonterra will introduce a
payment for farms that
achieve certain emissions-
related criteria as part of
updates to its Co-operative
Difference framework.
Meanwhile, new incentives
that benefit farmers will be
funded through separate
agreements with Mars and
Nestlé, who have been
working with Fonterra to
make progress towards their
individual sustainability goals
by supporting farmers to
reduce emissions.
Fonterra CEO Miles Hurrell
says the new incentives
demonstrate Fonterra’s
strategy in action.
“We’re growing relationships
with customers who value
the hard work farmers put
into producing sustainable,
high-quality milk, along
with the Co-op’s quality
of on-farm data and
ongoing commitment to
improvement. This helps
us make progress towards
achieving our on-farm
emissions target and deliver
the highest returns for our
farmer shareholders’ milk.
“Last year we confirmed six
strategic choices that we
believe will help grow further
value in the years ahead and
this is an example of how
we’re delivering on two of
those choices, deliver the
strongest farmer offering and
build on our sustainability
position,” says Mr Hurrell.
The new funding includes:

Our Co-op
9
released from peat soils,
before subtracting any
carbon removals.
Fonterra’s Climate
Roadmap
Fonterra has a target of
reducing on-farm emissions
intensity by 30% by 2030
from a 2018 baseline. The
target was announced in
2023 as part of its Climate
Roadmap, which outlines
the Co-op’s 2030 targets
and ambition to be net
zero by 2050. This target
is critical for a number of
reasons. It helps the Co-op
to remain competitive and
build stronger partnerships
with customers as well as
be able to secure future
funding, meet market access
demands and comply with
increased legal and reporting
obligations, as the Co-op
plays its part in taking action
on climate change.
Sustainability at Mars
As part of Mars' Net Zero
Roadmap, the company has
built a plan to halve full value
chain emissions by 2030*,
enroute to Net Zero by 2050.
Mars is already delivering
on its promises with 16%
absolute reductions in GHG
emissions in 2023 against a
2015 baseline, across its full
value chain.
In 2024, Mars launched its
Moo’ving Dairy Forward plan,
a $47M 3-year investment
in new technologies and
partnerships to slash
greenhouse gas (GHG)
emissions across its global
dairy supply chain.
*As measured against a
2015 baseline.
Sustainability at Nestlé
Nestlé is striving towards
net zero emissions by 2050.
In 2020, they published
the global Nestlé Net Zero
Roadmap and have since
transformed their business
to start delivering reductions
in greenhouse gas emissions
across all three Scopes of
their activities. By the end of
2025, Nestlé aims to reduce
emissions by 20% and by the
end of 2030, by 50%.
Progress toward net zero will
be measured against Nestlé’s
2018 GHG emissions. Targets
were set by following the
Science Based Targets
initiative’s (SBTi) criteria,
providing a clear pathway
for future-proof growth
with reductions in GHG
emissions. Nestlé’s Scope
3 emissions make up 95%
of their footprint, and they
are addressing more than
80% of these. The SBTi
approved Nestlé’s targets in
November 2020.
improvements on-farm.
In 2022, Fonterra and Nestlé
announced a partnership
that included the Net Zero
Pilot Dairy Farm in Taranaki,
designed to help reduce
on-farm emissions. In
2023, Fonterra announced
that Nestlé would make
an additional payment of
between 1-2 cents per kgMS
for farms that achieved any
level of the Co-operative
Difference. This payment has
been replaced with the new
Emissions Incentive payment
from next season.
Supplementary Information:
*New Co-operative
Difference payment
To meet the new Emissions
Excellence achievement,
farmers need to achieve the
Co-operative Difference and
their emissions from farming
activities (like feed, fertiliser
and herd) minus any carbon
removals (i.e. emissions
reductions resulting from
the carbon dioxide that is
removed from trees and
vegetation that is grown
on-farm) need to be lower
than the Co-op’s 2017/18
baseline year.
**Extra 10-25 cents per
kgMS Emissions Incentive
payment
To receive the customer-
funded Emissions Incentive
payment, farmers need to
achieve the Co-operative
Difference and have one
of the lowest emissions
footprints in the Co-op
(around 30% lower than
the average farm). This will
take into account not only
emissions from farming
activities, but also those
associated with land use
change (e.g. the historical
conversion of forests
to pasture) and those

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 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, US and Australia to December; New Zealand to January.
NOTE: Data for New Zealand, EU, US and Australia to December.
NOTE: Data for Asia, Middle East & Africa, Latin America and 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
Fonterra GDT results
This chart shows Fonterra
GDT prices and volumes over
the past 12 months.
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
2025
JANUARY
2024
MONTHLY
CHANGE
SEASON-
TO-DATE
2024/25
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
165.7158.44.6%1,048.21,012.13.6%
North Island90.385.75.4%624.1594.55.0%
South Island75.472.73.7%424.1417.61.6%
Australia9.89.71.7%67.666.51.7%
Fonterra GDT results
This table provides
more information on the
latest results, including a
snapshot of the rolling year-
to-date results.
LAST TRADING EVENT
(18 FEBRUARY 2025)
YEAR-TO-DATE
(FROM 1 AUGUST
2024)
Quantity Sold on GDT
(Winning MT)
19,335432,541
Change in Quantity Sold on GDT
over same period last year
(13.0)%4.6%
Weighted Average Product Price
(USD/MT)
4,5894,046
Change in Weighted Average
Product Price over same period last year
23.3%25.0%
Change in Weighted Average
Product Price from previous event
1.6%-

12
2024/25 season forecast
Farmgate Milk Price
(FGMP) update

Supplementary Information
ANNOUNCEMENT
DATE
FORECAST
FGMP MID-
POINT (NZD)
NZD/USD
RATE AT
ANNOUNCEMENT
DATE
FORECAST
AVERAGE
CONVERSION
RATE FOR F25
SEASON
PERCENTAGE
OF FORECAST
FOREIGN
EXCHANGE
EXPOSURE
FOR F25
SEASON
HEDGED
PERCENTAGE
OF FOREIGN
EXCHANGE
OPTION
COVER
REMAINING
IN HEDGED
AMOUNT
05 Dec 2024$10.000.58600.601886%16%
11 Nov 2024$9.500.59670.605281%18%
As at the most recent update to the 2024/25 season forecast Farmgate Milk Price on
5 December 2024:
• Fonterra had hedged approximately 86% of the full year forecast USD cash flows related to the
2024/25 season Farmgate Milk Price.
• Of that 86%, approximately 16% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 14% of the forecast USD cash flows were to be hedged at the 5 December 2024
spot rate of 0.5860, the average NZD/USD conversion rate for the 2025 season would be 0.6018.
• Also shown for information are the equivalent measures at the date of the previous forecast of
the 2024/25 season Farmgate Milk Price on 11 November.

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

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