MAY 2025
GLobaL DairyUPDATE
Our Markets
Our Performance
Australia and US production increased. EU and New Zealand monthly production decreased.
EU, US and New Zealand monthly exports increased. Australia monthly exports decreased.
Fonterra announces opening 2025/26 Farmgate Milk Price, continued strong
FY25 earnings.
For further details, visit our website -
CLICK HERE
Our Co-op
Asia, Latin America and China monthly imports increased. Middle East & Africa monthly imports decreased.
Fonterra's New Zealand milk collections for April were 115.2 million kgMS, 0.6% below April last season. Season-to-date
collections are 1,432 million kgMS, 2.3% above last season.
Fonterra's Australia collections for April were
8.5 million kgMS, 2.2% above April last season. Season-to-date collections are 93.0 million kgMS, 1.4% above last season.
Fonterra milk tanker steals the show at Bakery China.
Key Dates
1 June 2025
Start of the 2025/26 Season
31 July 2025
End of FY25 Financial Year
September 2025
FY25 Annual Results Announcement
GLobaL ProductionTo view a chart that illustrates year-on-year changes in production -
AustraLia and US production increased. EU and New ZeaLand monthLy production decreasedCLICK HERE
NEW ZEALAND AUSTRALIA EUROPEAN UNION USA
0.5%
Change for April 2025 compared to April 2024
0.4%
Change for April 2025 compared to April 2024
Change for March 2025
0.8%
compared to March 2024
1.5%
Change for April 2025 compared April 2024
Change for the 12 months to April 2025
1.9%
0.4%
Change for the 12 months
to April 2025
Change for the 12 months to March 2025
0.2%
Change for the 12 months to April 2025
0.2%
New ZeaLand miLk production decreased 0.5% in April compared to the same period the year prior.
The South Island has experienced higher pasture growth due to favourable weather conditions. This has been offset by the North Island, where weather conditions
have adversely affected pasture growth.
New Zealand milk production for the 12 months to April
was up 1.9% on the previous comparable period..
Fonterra New Zealand collections are reported for April, see page 5 for details.
AustraLia miLk production increased 0.4% in April compared to the same period the year prior.
The increase was mainly due to higher production in Tasmania and Northern and Eastern Victoria, supported by irrigation and strong fodder reserves. This was partially offset by reduced production in Western Victoria due to dry conditions and limited pasture growth.
Australia milk production for the 12 months to April
was up 0.4% on the previous comparable period.
Fonterra collections in Australia are reported for April, see
page 5 for details.
EU miLk production¹ decreased 0.8% in March compared to the same period the year prior.
The decrease was mainly due to lower production in Northern Europe due to
drought conditions, with the Dutch spring being the driest on record. Ongoing challenges with bluetongue disease have also constrained production, however, vaccinations and mitigation efforts are in place.
The decrease was partially offset by a 9.1% increase in Ireland's year-on-year milk production due to favourable weather and a smooth calving season.
EU milk production for the 12 months to March was down 0.2% on the previous comparable period.
US miLk production increased 1.5% in April compared to the same period the year prior.
The increase was mainly due to increased herd sizes and yields, with continued strong production in the Great Plains region and Idaho.
The increase was partially offset by California's ongoing challenges with avian flu, with the state's production down 1.4% compared to the same period last season.
US milk production for the 12 months to April decreased 0.2% on the previous comparable period.
1 Excludes UK.
GLobaL ExportsTo view a chart that illustrates year-on-year changes in exports -
EU, US and New ZeaLand monthLy exports increased. AustraLia monthLy exports decreasedCLICK HERE
NEW ZEALAND AUSTRALIA EUROPEAN UNION USA
11.2%
Change for April 2025 compared to April 2024
11.4%
Change for March 2025 compared to March 2024
1.9%
Change for March 2025 compared to March 2024
3.5%
Change for March 2025 compared to March 2024
Change for the 12 months to April 2025
0.5%
7.2%
Change for the 12 months to March 2025
Change for the 12 months to March 2025
3.9%
1.4%
Change for the 12 months to March 2025
New ZeaLand dairy exports increased 11.2%, or 31,802 MT, in April compared to the same period the year prior.
The increase was mainly due to higher volumes of cheese, with China and Japan accounting for 47% of total cheese volume.
In addition, there was a notable demand increase from Germany and the Netherlands, supported by the NZ-EU free trade agreement.
Exports for the 12 months to April were up 0.5%, or 16,934 MT, on the previous comparable period.
The increase was mainly due to higher exports of cheese, MPC and MPI, and butter, partially offset by lower volumes
of WMP.
AustraLia dairy exports decreased 11.4%, or 61,967 MT, in March compared to the same period the year prior.
The decrease was mainly due to lower export volumes of SMP and whey powder.
The lower export volumes reflect four consecutive months of reduced
milk production.
Exports for the 12 months to March were up 7.2%, or 472,185MT, on the previous comparable period.
The increase was mainly due to higher SMP and cheese exports partially offset by lower exports of fluid milk products and
whey powder.
EU dairy exports¹ increased 1.9%, or 10,901 MT, in March compared to the same period the year prior.
The increase was mainly due to higher export volumes of
whey powder, partially offset by lower export volumes of SMP and fluid milk products.
March cheese shipments to the US increased by 18% year-on-year, as buyers front-loaded shipments ahead of the April tariff rollout.
Exports for the 12 months to March were up 3.9%, or 257,599 MT, on the previous comparable period.
The increase was mainly due to higher export volumes of fluid milk products from Ireland.
US dairy exports increased 3.5%, or 8,634 MT, in March compared to the same period the year prior.
The increase was mainly due to higher export volumes of butter, whey and fluid milk
products. March butter exports were the strongest since April 2014, as China and Canada appeared to front-load whey powder shipments.
Exports for the 12 months to March were up 1.4%, or 37,569MT, on the previous comparable period.
The increase was mainly due to year-on-year cheese export growth for 14 consectutive months until March. Exports have been partially impacted by the recent divergence in US and global prices.
1 Excludes UK.
GLobaL ImportsTo view a chart that illustrates year-on-year changes in imports -
Asia, Latin America and China monthLy imports increased. MiddLe East & Africa monthLy imports decreasedCLICK HERE
LATIN AMERICA ASIA MIDDLE EAST & AFRICA CHINA
11.5%
Change for March 2025 compared to March 2024
9.5%
Change for March 2025 compared to March 2024
9.2%
Change for March 2025 compared to March 2024
3.8%
Change for April 2025 compared to April 2024
4.4%
Change for the 12 months to March 2025
6.9%
Change for the 12 months to March 2025
1.2%
Change for the 12 months to March 2025
1.6%
Change for the 12 months to April 2025
Latin America dairy import voLumes¹ increased 11.5%, or 23,230 MT, in March compared to the same period the year prior.
The increase was mainly due to higher import volumes
of SMP by Mexico, partially offset by lower import volumes of whey powder and AMF.
Imports for the 12 months to March were up 4.4%, or 113,452 MT, on the previous comparable period.
The increase was mainly due to higher import volumes of cheese by Brazil and Mexico.
Asia (excLuding China) dairy import voLumes¹ increased 9.5%, or 41,526 MT, in March compared to the same period the year prior.
The increase was mainly due to higher import volumes of WMP and SMP by Southeast Asia countries.
Indonesia led imports by volume in Asia, despite the Rupiah weakening to the lowest level in over 25 years.
Imports for the 12 months to March were up 6.9%, or 342,976 MT, on the previous comparable period.
This was mainly due to higher import volumes of fluid milk products and whey.
MiddLe East and Africa dairy import voLumes¹ decreased 9.2%, or 48,151 MT, in March compared to the same period the year prior.
The decrease was mainly due to lower import volumes of WMP and fluid milk products by Algeria and the United Arab Emirates, respectively.
Imports for the 12 months to March were down 1.2%, or 72,470 MT, on the previous comparable period.
The decrease was mainly due to lower import volumes of WMP by Algeria and the United Arab Emirates, and fluid milk products by Oman.
China dairy import voLumes increased by 3.8%, or 9,294 MT, in April compared to the same period the year prior.
The increase was mainly due to higher import volumes
of whey powder and SMP, partially offset by lower import volumes of fluid milk products.
Imports for the 12 months to March were down 1.6%, or 48,834 MT, on the previous comparable period.
The decrease was mainly due to lower import volumes of SMP and fluid milk products.
1 Estimates are included for those countries that have not reported data.
Fonterra MiLk CoLLectionsNew ZeaLand MiLk CoLLections
80
70
VOLUME (M LITRES/DAY)
60
50
40
30
CLICK HERE
To view a table that shows detailed milk collections in New Zealand and Australia compared to the previous season -
20
10
0
JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY 2024/25 2023/24 2022/23
NEW ZEALAND NORTH ISLAND SOUTH ISLAND AUSTRALIA
Change for April 2025
0.6%
compared to April 2024
Change for April 2025
5.5%
compared to April 2024
Change for April 2025
4.8%
compared to April 2024
2.2%
Change for April 2025 compared to April 2024
Season-to-date 1 June to 30 April compared to prior season
2.3%
Season-to-date 1 June to 30 April compared to prior season
2.9%
Season-to-date 1 June to 30 April compared to prior season
1.7%
1.4%
Season-to-date 1 July to 30 April compared to prior season April
Fonterra's New ZeaLand coLLections for April were
115.2 million kgMS, 0.6% lower than April last season.
The decrease was mainly due to poor pasture conditions across much of the North Island, partially offset by favourable pasture conditions in the
South Island.
Season-to-date collections are 1,432 million kgMS.
Nearing the end of the season, Fonterra collections are on track to be just under the forecast of 1,510 million kgMS.
North IsLand milk collections in April 57.7 million kgMS, 5.5% lower than April last season.
The decrease was mainly due to poor pasture growth,
which remained near historic lows. Soil moisture was below average in central North Island from low rainfall, while
Northland and eastern regions had excess moisture due to heavy rain.
Season-to-date collections are
819.2 million kgMS, 2.9% above last season.
South IsLand milk collections in April were 57.5 million
kgMS, 4.8% higher than April last season.
The increase was mainly due to higher pasture growth,
tracking at the upper end of the historical range for April. The increase was caused by above average soil moisture across the upper South Island and much of the East Coast.
Season-to-date collections are
612.8 million kgMS, 1.7% above last season.
Fonterra's AustraLia coLLections in April were
8.5 million kgMS, 2.2% higher than April last season.
Northern and Eastern Victoria collections increased year-
on-year due to irrigation-supported pasture growth. Western Victoria collections decreased due to dry conditions. Tasmania remained dry, but production increased year-on-year, supported by strong fodder reserves.
Season-to-date collections are
93.0 million kgMS.
OutLook for Fonterra in New ZeaLand
For the period 1 June 2024
to 30 April 2025, off-GDT sales have contributed approximately eight cents per kgMS to the Farmgate Milk Price for the 2024/25 season.
kgMS
Forecast milk collections for the 2024/25 season
1,510MkgMS
Forecast milk collections for the 2025/26 season
1,490MNZD
per
8.00-
Forecast Farmgate Milk Price
kgMS 11.00
range for the 2025/26 season
Fonterra GLobaL Dairy Trade ResuLts12.2000' MT
Fonterra product quantity sold on GDT
USD 4,855
Fonterra's weighted average product price (USD/MT)
0.4%
Change in Fonterra's weighted average product price from previous event
Fonterra GDT results at trading event 380
20 May 2025:
0.8AMF
%
USD 7,273/MT
WMP
0.9
%
USD 4,325/MT
BUTTER
2.4
%
USD 7,768/MT
2.9SMP
%
USD 2,918/MT
CHEDDAR
9.3
%
USD 5,007/MT
Fonterra GDT sales
by destination:
LATEST AUCTION
FINANCIAL YEAR-TO-DATE
515,975
MT
12,207
MT
NORTH ASIA (INCLUDING CHINA)
To view more information, including a snapshot of the rolling year-to-date results -
OTHER
CLICK HERE
The next trading event will be held on 3 June 2025. Visit https://www.globaldairytrade.info for more information.
Dairy commodity prices and New ZeaLand doLLar trend
Investor sentiment and risk appetite improved over the past month, driven by a reduction in global trade tensions with the United States. This included exemptions for various goods categories, a deal with the United Kingdom, and a temporary agreement with China, all of which brought broad relief to financial markets. However, ongoing uncertainty around proposed US tax policies-particularly their potential fiscal implications-continued to exert upward pressure on US Treasury yields and limited the extent of the US dollar's
1,400
PRICE INDEX
1,250
1,100
950
800
MAY 23
AUG 23
DEC 23
MAR 24
0.66
NZD / USD
0.63
0.60
0.57
0.54
JUL 24 OCT 24 FEB 25 MAY 25
recovery. Consequently, the NZD/USD exchange rate correction was modest, limited to 58.5 US cents.
GDT PRICE INDEX NZD/USD SPOT RATE
Our PerformanceFonterra announces opening 2025/26 Farmgate MiLk Price, continued strong FY25 earnings
On 29 May 2025, Fonterra provided its Q3 business update, announcing strong profit after tax of
$1,158 million, up $119 million on this time last year.
As a result of these strong earnings, the Co-op narrowed its year-end earnings range to 65-75 cents per share, at the upper end of the guidance provided
in March of 55-75 cents per share.
At the same time, Fonterra announced an opening forecast Farmgate Milk Price for the 2025/26 season of $10.00 per kgMS, driven by stable near-term market demand.
CEO Miles Hurrell says Fonterra is committed to delivering strong shareholder returns through both earnings and the Farmgate Milk Price.
"We've delivered strong shareholder returns through FY25, including a 22-cent interim dividend, and as
we get closer to the end of the year, we are focused on maintaining this momentum.
"Our forecast Farmgate Milk Price for the current season is driven by strong demand for our milk price reference products and our range is unchanged at $9.70-$10.30 with a midpoint of $10.00 per kgMS. We're also pleased to tighten our year-end forecast earnings within
the existing range, given the strength of our third quarter performance," says Mr Hurrell.
2025/26 season opening Farmgate Milk Price
"Looking at the season ahead, we expect this demand to continue for now, but we acknowledge the ongoing geopolitical uncertainty and the
potential for a wider series of outcomes across the season.
Therefore, our opening forecast Farmgate Milk Price for the 2025/26 season of
$10.00 per kgMS sits within a wide forecast range of
$8.00-$11.00 per kgMS.
For the current season, the milk price of $10.00 per kgMS equates to around $15 billion into the
New Zealand economy. The majority of this flows into regional New Zealand where it plays a strong role helping to sustain local communities.
Business performance
Fonterra's focus on optimising its product mix has driven a Q3 normalised profit after tax of $1,158 million¹, equivalent to 70 cents per share, with operating profit of $1,740 million, up
$267 million on last year.
"This result reflects the scale and ongoing strength of our Ingredients channel, and volume growth in our Foodservice and Consumer channels with each channel increasing its third quarter performance compared to the same period last year.
"Our rolling 12-months Return on Capital is 11%,
which is above our previous target for FY25 and within our long-term target range of 10-12%," says Mr Hurrell.
"Our full year forecast earnings range of 65-75 cents per share assumes flat earnings in Q4 of FY25 due
to the seasonality of our milk collections, the higher input prices for our Consumer
and Foodservice businesses, ongoing investment in our ERP system and an increase in costs associated with shaping the Co-op post divestment to execute
our strategy.
"We are heading into year end with a strong balance sheet and full year debt metrics on track to be below the Co-op's target range," says Mr Hurrell.
Strategic delivery
Miles Hurrell says a priority for Fonterra this year has been the implementation of its strategy, which deepens the Co-op's focus on its high-performing Ingredients and Foodservice businesses.
"Last year, we announced a step-change in our
strategic direction, including a decision to divest our global Consumer and associated businesses.
"This step was grounded in an understanding of how we best create value for farmer shareholders and ultimately for New Zealand.
"We have been thoroughly testing the terms and value of both a trade sale and
initial public offering (IPO) as divestment options. This work is on track as planned and we will seek farmer shareholder approval to divest through a vote in due course.
"Given the confidence we have in our strategy, we have strong conviction that a divestment is the right choice for the Co-op and its owners.
"Our financial results show we have an impressive business as a global B2B dairy player, powered by our home-base of New Zealand milk and operations.
"If we divest our Consumer business, we will still be a Co-op with global reach and scale, and a diverse product mix sold to customers in more than 100 countries.
"By focusing on our core strengths and the sales channels that deliver the highest returns, we have the confidence to target an average Return on Capital of 10-12%, which is above our 5-year average. This is
alongside paying farmers the highest sustainable Farmgate Milk Price, which we are always committed to," says Mr Hurrell.
Fonterra continues to target a significant capital return to shareholders and unit holders following divestment.
1 Normalised profit after tax excludes $77 million of costs associated with the divestment of the Consumer channel integrated businesses in Australia and Sri Lanka.
Our Co-opFonterra milk tanker steals the show at Bakery China
The unique feature at this year's Bakery China was a Fonterra milk tanker parked up at the Co-op's booth.
While cakes full of cream and other delights line the displays of all but a few of the thousands of booths, none, aside from Fonterra, had a tanker.
"Everybody has cakes right, everybody has desserts, but who has a tanker truck? No one. But that's an integral part of our business. It's collecting milk from more than 8,000 farms," says
Teh-han Chow, Fonterra's President Global Foodservice and CEO for Greater China.
In a competitive market like China, this is Fonterra's winning proposition - the fact that the milk collected comes from cows grazing outside on grass.
Across the four days, Bakery China sees as many people through its doors as the entire
population of Christchurch, about 400,000 people.
It's clear that consumers and businesses in China
increasingly appreciate how dairy makes food better.
Chinese consumers are paying more attention to health and are willing to pay for dairy products with sustainability and provenance credentials.
Teh-han Chow, President Global Foodservice and CEO for Greater China says, "Our customers see the value of our dairy that is produced in New Zealand, from our pasture-based farming system.
"New Zealand's reputation as a great place to source dairy, and our grass-fed proposition is what sets Fonterra's products in China apart," Chow says.
Apart from the tanker truck, Fonterra showcased more than 50 Foodservice products and 200 applications for the bakery market.
"Bakery China is a valuable platform to bring our
high-quality dairy products closer to potential customers and strengthen
our leading position in the Foodservice market."
Demand for Fonterra's dairy products continue to
increase in China, as bakeries are looking for ways to use more dairy in their products, combining it with local ingredients and tastes.
"Innovating to meet the market's changing taste and preference is key to driving growth for our Foodservice business," Chow says.
Fonterra's six application centres and 50 chefs in China play an important role in developing recipes, ideas and applications
in response to market trends, which helps drive demand for Fonterra's Foodservice products.
"We work closely with our customers to explore dairy solutions that satisfy Chinese consumers' preferences and empower our customers' businesses, while making dairy nutrition more accessible in consumers' everyday life," Chow says.
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.
PRODUCTION
400
200
LIQUID MILK (M LITRES)
0
-200
-400
-600
-800
-1,000
Averages are shown where
MAY 24
JUN 24
JUL 24
AUG 24
SEP 24
OCT 24
NOV 24
DEC 24
JAN 25
FEB 25
MAR 25
APR 25
data is complete for the
NEW ZEALAND EU
UNITED STATES
AUSTRALIA AVERAGE
regions presented. NOTE: Data for EU to March; New Zealand, US and Australia to April. .
BACK TO SUMMARY
EXPORTS
150
100
MT (000s)
50
0
-50
-100
MAY 24
JUN 24
JUL 24
AUG 24
SEP 24
OCT 24
NOV 24
DEC 24
JAN 25
FEB 25
MAR 25
APR 25
BACK TO SUMMARY
NEW ZEALAND EU
UNITED STATES
AUSTRALIA
AVERAGE
NOTE: Data for EU, US and Australia to March; New Zealand to April..
IMPORTS
120
80
MT (000s)
40
0
-40
-80
MAY 24
JUN 24
JUL 24
AUG 24
SEP 24
OCT 24
NOV 24
DEC 24
JAN 25
FEB 25 MAR 25 APR 25
MIDDLE EAST & AFRICA LATIN AMERICA
AVERAGE
BACK TO SUMMARY
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.
MILK COLLECTION (MILLION KGMS) | APRIL 2025 | APRIL 2024 | MONTHLY CHANGE | SEASON-TO-DATE | SEASON-TO-DATE | SEASON-TO-DATE |
2024/25 | 2023/24 | CHANGE | ||||
Total Fonterra New Zealand | 115.2 | 115.9 | (0.6%) | 1,432.0 | 1,399.3 | 2.3% |
North Island | 57.7 | 61.0 | (5.5%) | 819.2 | 796.5 | 2.9% |
South Island | 57.5 | 54.8 | 4.8% | 612.8 | 602.8 | 1.7% |
Australia | 8.5 | 8.3 | 2.2% | 93.0 | 91.7 | 1.4% |
Fonterra miLk production
The table on the right shows Fonterra milk solids collected in New Zealand and Australia compared
to the previous season.
BACK TO SUMMARY
2024/25 season forecast Farmgate
ANNOUNCEMENT DATE
FORECAST NZD/USD RATE AT FGMP / ANNOUNCEMENT
FORECAST AVERAGE
PERCENTAGE OF FORECAST
PERCENTAGE OF FOREIGN
MiLk Price (FGMP) update
RANGE (NZD)
DATE CONVERSION
RATE FOR 2024/25 SEASON
FOREIGN
EXCHANGE EXPOSURE FOR 2024/25
SEASON HEDGED
EXCHANGE
OPTION COVER REMAINING IN HEDGED AMOUNT
29 May 2025 $10.00 /
$9.70-$10.30
20 Mar 2025 $10.00 /
$9.70-$10.30
0.5968 0.5988 97% 15%
0.5809 0.5981 93% 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
2025/26 season forecast Farmgate
ANNOUNCEMENT DATE
FORECAST NZD/USD RATE AT FGMP / ANNOUNCEMENT
FORECAST AVERAGE
PERCENTAGE OF FORECAST
PERCENTAGE OF FOREIGN
MiLk Price (FGMP) update
RANGE (NZD)
DATE CONVERSION
RATE FOR 2024/25 SEASON
FOREIGN
EXCHANGE EXPOSURE FOR 2024/25
SEASON HEDGED
EXCHANGE
OPTION COVER REMAINING IN HEDGED AMOUNT
29 May 2025 $10.00 /
$8.00-$11.00
0.5968 0.5951 48% 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.
LAST TRADING EVENT (20 MAY 2025) | YEAR-TO-DATE (FROM 1 AUGUST 2024) | |
Quantity Sold on GDT (Winning MT) | 12,207 | 515,975 |
Change in Quantity Sold on GDT over same period last year | (24.3%) | 0.2% |
Weighted Average Product Price (USD/MT) | 4,855 | 4,157 |
Change in Weighted Average Product Price over same period last year | 22.6% | 24.1% |
Change in Weighted Average Product Price from previous event | 0.4% | - |
Fonterra GDT resuLts This table provides more information on the latest
results, including a snapshot
of the year-to-date results.
Fonterra GDT resuLts This chart shows Fonterra GDT prices and volumes over
the past 12 months.
4,900
WEIGHTED AVERAGE PRICE (USD/MT)
4,600
4,300
4,000
40,000
QUANTITY SOLD ( MT)
34,000
28,000
22,000
BACK TO SUMMARY
3,700 16,000
3,400
JUN 24
JUL 24 AUG 24
SEP 24
OCT 24 NOV 24 DEC 24
JAN 25
FEB 25
MAR 25
APR 25
10,000
MAY 25
GLossary
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.
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.
Attachments
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Disclaimer
Fonterra Co-operative Group Limited published this content on May 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 30, 2025 at 04:15 UTC.
