Global Dairy Update July 2025

• Fonterra Eltham boosts cheese production for rising demand
1
Global Dairy
UPDATE
• New Zealand and US monthly production
increased. Australia and EU monthly
production decreased.
• New Zealand, EU, US and Australia monthly
exports decreased.
• Asia and Latin America monthly imports
increased. China and Middle East & Africa
monthly imports decreased.
• Fonterra’s New Zealand milk collections for
the first month of the 2025/2026 season
were 16.6 million kgMS, 15.1% above June
last season, and less than 1.5% of the full
season forecast.
• Fonterra’s Australia collections for the season
ended 30 June were 108.3 million kgMS, 1.2%
above last season.
• Behind the scenes of Fonterra's winter shut
Key Dates
31 July 2025
End of FY25 Financial Year
25 September 2025
FY25 Annual Results Announcement
JULY 2025

%%%
%%%%
%
Change for June 2025
compared to June 2024
Change for June 2025
compared June 2024
Change for May 2025
compared to May 2024
Change for May 2025
compared to May 2024
Change for the 12 months
to June 2025
Change for the 12 months
to June 2025
Change for the 12 months
to May 2025
Change for the 12 months
to May 2025
3.33.814.6
0.10.70.6
1.4
2.7
2
OUR MARKETS
Global Production
New Zealand and US
monthly production
increased. Australia and
EU monthly production
decreased
New Zealand milk
production increased 14.6%
in June compared to the same
period the year prior.
The increase was mainly due to
favourable weather conditions
and higher soil moisture across
the country, which supported
strong pasture growth and
was complemented by a slight
increase in herd numbers.
New Zealand milk production
for the 12 months to June
was up 2.7% on the previous
comparable period.
Fonterra New Zealand
collections are reported for
June, see page 5 for details.
Au
stralia milk production
decrea
sed 3.8% in May
compared to the same period
th
e year prior.
The decrease was mainly due
to
Tasmania, Eastern and
West
ern Victoria experiencing
lower herd numbers and drier
wea
ther, which limited pasture
growth and increased reliance
on additional feed.
The decrease was partially
offset by higher volumes in
Northern Victoria.
Australia milk production for
the 12 months to May was
down 0.1% on the previous
compara ble period.
Fonterra collections in Australia
are reported for June, see
page 5 for details.
EU milk production¹
decreased 1.4% in May
compared to the same period
the year prior.
The decrease was mainly
due to lower production in
Germany and Ireland, as drier
weather conditions impacted
pasture growth and increased
reliance on additional feed. The
decrease was partially offset by
higher production in Denmark
and France.
Lumpy Skin Disease has been
confirmed in Eastern France,
prompting the United Kingdom
to issue an import suspension
on raw milk and raw dairy
products from France.
EU milk production for
the 12 months to May was
down 0.7% on the previous
comparable period.
US milk production
increased 3.3% in June
compared to the same period
the year prior.
The increase was mainly due
to higher production in Idaho,
Texas and Kansas, up 9.7%, 9.5%
and 19.0 %, respectively, due
to larger herd sizes and record
yields for June.
California's production
increased by 2.7% compared
to the same period last
year, marking the first
year‑on‑year yield growth since
September 2024.
US milk production for the
12 months to June increased
0.6% 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, EU, US
and Australia monthly
exports decreased
New Zealand dairy exports
decreased 0.5%, or 1,381 MT,
in June compared to the same
period the year prior.
The decrease was mainly due to
lower export volumes of SMP
to China and Southeast Asia,
with shipments to China 42.5%
lower year‑on‑year for June. The
decrease was partially offset by
higher export volumes of fluid
milk products.
Exports for the 12 months
to June were up 0.7%, or
25,878 MT, on the previous
comparable period.
The increase was mainly due
to higher export volumes of
cheese, partially offset by lower
export volumes of WMP.
EU dairy exports¹ decreased
4.0%, or 24,058 MT, in May
compared to the same period
the year prior.
The decrease was mainly due to
lower export volumes of fluid
milk products from Germany,
partially offset by higher export
volumes of SMP.
Exports for the 12 months
to May were up 1.4%, or
94,390 MT, on the previous
comparable period.
The increase was mainly due to
higher export volumes of fluid
milk products from Ireland.
US dairy exports decreased
0.5%, or 1,095 MT, in May
compared to the same period
the year prior.
The decrease was mainly due to
lower export volumes of whey
products, with shipments to
Asia and Latin America down
23.0% and 12.5%, respectively.
May shipments to China were
67% below May 2024, likely
reflecting the front loading of
shipments in recent months
following trade tensions.
Exports for the 12 months
to May were up 1.2%, or
322,936 MT, on the previous
comparable period.
The increase was mainly due
strong growth of cheese
exports, partially offset by
lower export volumes of SMP.
Australia dairy exports
decreased 6.1%, or 3,661 MT,
in May compared to the same
period the year prior.
The decrease was mainly due to
lower export volumes of SMP
and whey powder, partially
offset by higher export volumes
of cheese.
The reduction was mainly due
to lower export volumes to
Southeast Asia, with importers
shifting their demand to
European suppliers.
Exports for the 12 months
to May were up 2.9%, or
19,854 MT, on the previous
comparable period.
The increase was mainly due to
higher exports of cheese and
SMP, partially offset by lower
exports of fluid milk products
and whey powder.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%%
%
%
Change for June 2025
compared to June 2024
Change for May 2025
compared to May 2024
Change for May 2025
compared to May 2024
Change for May 2025
compared to May 2024
Change for the 12 months
to May 2025
Change for the 12 months
to May 2025
Change for the 12 months
to June 2025
Change for the 12 months
to May 2025
0.5
2.9
0.5
1.4
1.2
6.1
4.0
0.7
%
1 Excludes UK.

To view a chart that
illustrates year‑on‑year
changes in imports –
4
%
OUR MARKETS
Global Imports
Asia and Latin
America monthly
imports increased.
China and Middle East
& Africa monthly
imports decreased
Latin America dairy
import volumes¹ increased
3.7%, or 9,576 MT, in May
compared to the same
period the year prior.
The increase was mainly due
to higher import volumes of
SMP by Colombia and Brazil,
and fluid milk products by
the Dominican Republic,
partially offset by lower
import volumes of WMP.
Imports for the 12 months
to May were up 5.5%, or
141,280 MT, on the previous
comparable period.
The increase was mainly due
to higher imports of cheese
by Mexico and Brazil partially
offset by lower import
volumes of AMF by Mexico.
Asia (excluding China)
dairy import volumes¹
increased 9.4%, or
43,474 MT, in May compared
to the same period the
year prior.
The increase was mainly due
to higher import volumes of
SMP and whey by Malaysia
and Vietnam.
Imports for the 12 months
to May were up 5.3%, or
269,153 MT, on the previous
comparable period.
The increase was mainly due
to higher import volumes of
fluid milk products by the
Philippines and Vietnam,
and WMP by Vietnam
and Indonesia.
Middle East and Africa
dairy import volumes¹
decreased 12.8%, or
68,435 MT, in May compared
to the same period the
year prior.
The decrease was mainly due
to lower import volumes of
fluid milk products and WMP
by the United Arab Emirates
and Algeria, respectively.
Imports for the 12 months
to May were down 4.4%, or
264,148 MT, on the previous
comparable period.
The decrease was mainly due
to lower import volumes of
WMP by Algeria, and fluid
milk products by the United
Arab Emirates and Oman.
China dairy import
volumes decreased 2.3%, or
5,247 MT, in June compared
to the same period the
year prior.
The decrease was mainly due
to lower import volumes of
whey powder from the US,
with import volumes from
the US 23,100 MT, or 58.8%,
lower than June last year.
Imports for the 12 months
to June were up 2.2%, or
61,574 MT, on the previous
comparable period.
The increase was mainly due
to higher import volumes of
whey powder.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%%
%
Change for May 2025
compared to May 2024
Change for June 2025
compared to June 2024
Change for May 2025
compared to May 2024
Change for May 2025
compared to May 2024
Change for the 12 months
to May 2025
Change for the 12 months
to May 2025
Change for the 12 months
to May 2025
2.39.43.7
5.34.4
%
Change for the 12 months
to June 2025
2.2
12.8
5.5
%

To view a table that shows
detailed milk collections in New
Zealand and Australia compared
to the previous season –
%%
%%
For the 2024/25 Season
compared to prior season
Season-to-date 1 June to 30 June
compared to prior season
Season-to-date 1 June to 30 June
compared to prior season
Season-to-date 1 June to 30 June
compared to prior season
Change for June 2025
compared to June 2024
Change for June 2025
compared to June 2024
Change for June 2025
compared to June 2024
Change for June 2025
compared to June 2024
1.542.1
42.1
9.315.1
1.29.315.1
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY












5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections in June were
6.7 million kgMS, 1.5% lower
than June last season.
The decrease was mainly
due to reduced herd
numbers in Eastern and
Western Victoria to
manage feed requirements.
Production was down in
these regions 9.2% and
6.7%, respectively. Tasmania
remained seasonally dry
with production down 6.8%
year‑on‑year for June.
Northern Victoria had strong
production, supported by
timely rainfall, and higher
herd numbers.
The 2024/25 season milk
collections for Australia were
finalised at 108.3 million
kgMS, 1.2% above last season.
North Island milk
collections in June were
13.0 million kgMS, 9.3%
higher than June last season.
The increase was mainly
due to favourable weather
conditions across the North
Island. Sunlight hours were
above average for Waikato
and the Bay of Plenty, and
temperatures were slightly
above average across
all regions.
Soil moisture was at capacity
for all parts of the North
Island except for some drier
areas in Hawkes Bay.
South Island milk
collections in June were
3.6 million kgMS, 42.1%
higher than June last season.
The increase was mainly
due to higher pasture
growth, which was near
the top of the historical
range due to favourable
soil conditions and warmer
weather. Soil moisture was
at capacity for most regions,
and in surplus for parts of
North Canterbury.
Fonterra's New Zealand
collections for June were
16.6 million kgMS, 15.1%
above June last season.
As is normal for this time of
the season, collections for
June represent less than 1.5%
of the full season forecast.
The increase was mainly
due to favourable weather
conditions across the
country, and higher than
average soil moisture levels,
leading to improved pasture
conditions, which supported
higher collections.
%%
%%

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


 

,


,


, 
.

. 
.
.
.
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 USD strengthened against most major currencies,
underpinned by data pointing to ongoing economic resilience
despite uncertainty surrounding the US Administration’s
policy agenda. Inflation figures showed early signs of tariff‑
related price pressures filtering through, lending support to
the Federal Reserve’s recent decisions to keep interest rates
on hold. However, market expectations remain tilted toward a
rate cut later in 2025. The NZD/USD exchange rate remained
confined to a relatively narrow range, trading between 0.5900
and 0.6100.
Fonterra GDT results at
trading event 384
15 July 2025:
The next trading event will be held on 5 July 2025. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
2.0
Fonterra’s weighted
average product price

(USD/MT)
4,476
USD
Fonterra product quantity
sold on GDT
000’ MT
21.8
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 4,589/MT
5.6
CHEDDAR
USD 2,816/MT
3.5
SMP
USD 7,428/MT
0.2
BUTTER
USD 3,920/MT
1.8
WMP
USD 6,973/MT
0.6
AMF
21,828
MT
LATEST AUCTION
585,840
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Fonterra Eltham boosts
cheese production for
rising demand
Fonterra’s specialty cheese
site in Eltham is ramping
up its cheese production
to keep up with rising
demand ahead of the
upcoming season.
The site is upgrading
its production lines for
processed cheese and adding
a new shift for its Individually
Quick Frozen (IQF)
Mozzarella. These are some
of Fonterra’s key Foodservice
products, topping billions of
burgers and pizzas each year.
Eltham Site Operations
Manager Kelvin Gray says
the additional capacity will
allow the Co‑op to allocate
more milk to its growing
Foodservice channel.
“We’re adding about 6000
metric tonnes of IQF
Mozzarella to our annual
volume with this new shift –
that’s enough mozzarella to
top over 40 million pizzas.
“We’re also investing in
upgrades for our Slice‑
on‑Slice and Individually
Wrapped Slice lines, so we’ll
be able produce cheese for
an extra 200 million more
burgers each year,” he says.
Fonterra Eltham specialises
in producing cheese
products for the Co‑op’s
Foodservice business.
Cheese products from
Eltham are exported to more
than 50 countries worldwide
and are trusted by some of
the world’s largest restaurant
brands such as McDonalds
or Pizza Hut.
Gray says the demand
is surging across Asia,
predominantly in markets
like China, Southeast Asia
and North Asia.
“Our customers are
expecting strong
demand on the back
of growing population
and urbanisations.
“There is a rising appetite
for convenient meal options
from young consumers with
busy lifestyles, driving more
people to visit fast‑food store
and quick‑service restaurant
more frequently.”
The number of quick‑service
restaurants across Asia
Pacific is projected to reach
5.3 million by 2027, as global
restaurant chains rapidly
expand their footprint in key
markets across the region.
It has been a standout
season for Fonterra Eltham,
which recently took home
two awards including Best
Specialty Site and Customer
Award at the Co‑op’s annual
Best Site Cup.
The site was celebrated for
their commitment to product
quality and compliance,
driving great customer
satisfaction for the Co‑op.
“We’ve had some great
achievements this year,
including being named as
McDonald’s supplier of the
year and winning a gold
medal at the International
Cheese and Dairy Award
for one of our Slice‑on‑Slice
cheese products.
These awards are a huge
recognition for the effort the
team has put in and a nice
way to wrap up the season,”
Gray says.

Our Co-op
8
Behind the scenes of
Fonterra’s winter shut
As the chill of winter hits,
Fonterra’s manufacturing
sites across New Zealand
switch gears for a different
kind of season.
The annual ‘winter shut’ is
one of Fonterra’s largest and
most complex operations
– this year more than
$64 million will be invested
in critical maintenance and
upgrades across the Co‑op’s
22 New Zealand‑based
manufacturing sites.
It allows teams to carry out
deep cleaning, servicing,
and thorough equipment
inspections – ensuring every
asset is in peak condition
to process the more than
16 billion litres of milk that
flows through the Co‑op's
network each year.
To sustain and grow these
production levels, equipment
must be maintained to the
highest standards. Winter
maintenance is all about
getting off to a good start
for the next season. It’s an
opportunity to set up the
Co‑op's assets so they can
run at maximum efficiency
without unforeseen
downtime – which can
otherwise result in costly
production losses.
Aaron Goldsbury, Fonterra’s
Global Engineering Chief
Engineer, knows just how
much goes into making this
all run smoothly.
“It’s a substantial volume
of work,” says Aaron.
“This season we’re aiming
to complete more than
23,000 maintenance tasks
and general servicing across
over 165,000 site assets. It’s
a massive effort involving
careful coordination between
our engineering, operations
and contractor teams.
Planning for this begins
months in advance so we can
hit the ground running.”
To deliver on this effort, over
1,600 Fonterra employees
and more than 640 vendors
– ranging from large firms
to local specialists – will join
forces to carry out the work.
Before any maintenance
begins, safety reviews ensure
all equipment is properly
shut down and safe to work
on. This year, the Co‑op's
rollout of a new ePermit
System is enhancing on‑
site security with the new
digital tool streamlining
permit and safety checks,
adding another layer of
protection for both people
and equipment.
“Every step we take – from
pre‑start reviews to rolling
out digital permits – is
focused on creating the
safest, most productive
environment possible,” says
Aaron. “We owe that to
our teams, our Co‑op, and
ultimately, to our farmer
owners. Doing the job safely,
and doing it right, sets us
up for a strong, successful
new season.”
Fonterra’s Takaka site has
seen a significant uplift in
activity during this year’s
winter shut, with a key
focus around maintenance
and capital investment.
This includes upgrades to
safety systems and site
security, while sustainability
also remains a priority,
with actions underway to
reduce energy consumption
and improve water uptake
reliability. A key project this
period has been initiatives
around enhancing cream
quality which aims to
improve on‑site cream
processing and storage.
In response to recent
weather disruptions
and road closures in the
Tasman region, the Takaka
site is installing two new
cream silos to enhance
storage conditions and
provide greater flexibility
in managing transport
challenges the weather
brings, meaning the site
is better equipped to
maintain product quality and
continuity, even in the face
of logistical disruptions.
Down country, at Fonterra’s
Edendale site, the team
are preparing to replace
two coal‑fired boilers with
electrode boilers – a major
step toward reducing
emissions across both the
site and wider Co‑op. With
demolition of the old boilers
set to begin in early October,
and to run in parallel with
the new boiler builds, the
team is making use of
the winter shut period to
relocate staff from the old
cheese lab building to new
temporary spaces.
Alongside removing
outdated infrastructure,
existing areas will be cleared
and repurposed for the
new boiler water treatment
equipment. Planning and site
activity will continue through
the coming season and into
the next winter shut.

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 and Australia to May; New Zealand and US to June.
NOTE: Data for EU, US and Australia to May; New Zealand to June.
NOTE: Data for Asia, Middle East & Africa, Latin America to May; China to June.
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)
JUNE
2025
JUNE

2024
MONTHLY
CHANGE
SEASON-
TO-DATE
2025/26
SEASON-
TO-DATE
2024/25
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
16.614.515. 1%16.614.515. 1%
North Island13.011. 99.3%13.011. 99.3%
South Island3.62.642.1%3.62.642.1%
MILK COLLECTION
(MILLION KGMS)
JUNE
2025
JUNE

2024
MONTHLY
CHANGE
SEASON
2024/25
SEASON
2023/24
SEASON
CHANGE
Australia6.76.8(1.5%)108.3107.01.2%
2024/25 season
forecast Farmgate
Milk Price (FGMP)
update
2025/26 season
forecast Farmgate
Milk Price (FGMP)
update
ANNOUNCEMENT
DATE
FORECAST
FGMP /
RANGE (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
29 May 2025$10.00 /
$9.70‑$10.30
0.59680.598897%15%
20 Mar 2025$10.00 /
$9.70‑$10.30
0.58090.598193%11%
As at the most recent update to the 2024/25 season forecast Farmgate Milk Price on 29 May 2025:
• Fonterra had hedged approximately 97% of the full year forecast USD cash flows related to the
2024/25 season Farmgate Milk Price.
• Of that 97%, approximately 15% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 3% of the forecast USD cash flows were to be hedged at the 29 May 2025 spot rate
of 0.5968, the average NZD/USD conversion rate for the 2025 season would be 0.5988.
• Also shown for information are the equivalent measures at the date of the previous forecast of the
2024/25 season Farmgate Milk Price on 20 March 2025
ANNOUNCEMENT
DATE
FORECAST
FGMP /
RANGE (NZD)
NZD/USD RATE AT
ANNOUNCEMENT
DATE
FORECAST
AVERAGE
CONVERSION
RATE FOR
2025/26
SEASON
PERCENTAGE
OF FORECAST
FOREIGN
EXCHANGE
EXPOSURE
FOR 2025/26
SEASON
HEDGED
PERCENTAGE
OF FOREIGN
EXCHANGE
OPTION
COVER
REMAINING
IN HEDGED
AMOUNT
29 May 2025$10.00 /
$8.00‑$11.00
0.59680.595148%10%
For the opening forecast Farmgate Milk Price for the 2025/26 season announced on 29 May 2025:
• Fonterra had hedged approximately 48% of the full year forecast USD cash flows related to the
2025/26 season Farmgate Milk Price.
• Of that 48%, approximately 10% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 52% of the forecast USD cash flows were to be hedged at the 29 May 2025 spot rate
of 0.5968, the average NZD/USD conversion rate for the 2025/26 season would be 0.5951.

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
(15 JULY 2025)
YEAR-TO-DATE

(FROM 1 AUGUST 2024)
Quantity Sold on GDT
(Winning MT)
21,828585,840
Change in Quantity Sold on GDT
over same period last year
3.4%(0.4%)
Weighted Average Product Price
(USD/MT)
4,4764,195
Change in Weighted Average
Product Price over same period
last year
14.5%22.6%
Change in Weighted Average
Product Price from previous event
2.0%–
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.