Trading Event 127 will begin at 12:00 hours UTC/GMT on Tue 04 November 2014

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Fonterra Offer Quantities and Starting Prices

Skim Milk Powder (SMP) Shipment Months at Seller Ports
Contract 1 (Dec 14) Contract 2 (Jan 15) Contract 3 (Feb 15) Contract 4 (Mar 15) Contract 5 (Apr 15) Contract 6 (May 15)
Sales Group Maximum Supply (MT)
Skim Milk Powder (SMP) 0 4,250 2,000 725 450 150
Product Maximum Supply (MT)
Low Heat - NZ 0 4,250 2,000 725 450 150
Medium Heat - NZ 0 4,250 2,000 725 450 150
HH Heat Stable - NZ 0 4,250 2,000 725 450 150
UHT - NZ 0 4,250 2,000 725 450 150
Starting Prices (USD/MT, FAS)
Low Heat - NZ - $2,045 $2,070 $2,160 $2,195 $2,255
Medium Heat - NZ - $2,045 $2,070 $2,160 $2,195 $2,255
HH Heat Stable - NZ - $2,095 $2,120 $2,210 $2,245 $2,305
UHT - NZ - $2,095 $2,120 $2,210 $2,245 $2,305

Forecast Information

Forecast Offer Quantities (MT)
Trading Event TE 128 TE 129 TE 130 TE 131 Forecast Change on Previous Forecast
Date 18 Nov 02 Dec 16 Dec 06 Jan
Fonterra 12 Month
Contract 1 0 0 0 0 0 0
Contract 2 4,250 2,800 2,800 2,000 60,950 -2,600
Contract 3 2,000 1,200 1,200 800 34,850 -1,000
Contract 4 725 550 550 500 20,450 -600
Contract 5 450 350 350 350 16,300 -300
Contract 6 150 150 150 200 10,300 0
Totals 7,575 5,050 5,050 3,850 142,850 -4,500

Monthly Forecast Quantities: Fonterra SMP

Forecast Actual Last 12 Months Actual Two Years Prior

Source: Fonterra

Note: Fonterra has ceased to provide forecast shipment quantities as part of its forecast information

Explanatory Notes

The Starting Prices for the first round of the trading event are set by the sellers.

The Sales Group Maximum Supply shows the maximum quantity of product available for each seller and each contract period (which may be supplied as any combination of the Products listed).

The Product Maximum Supply shows the maximum quantity available for each Product (i.e. product specification) in a Sales Group for each contract period. The Product maximums are determined by the availability of milk and the types of manufacturing facilities available, both of which vary month to month.

Actual sales will depend on which products are demanded most by customers during the Trading Event. The total quantity sold across all products in a Sales Group cannot exceed the Sales Group Maximum Supply.

Fonterra Disclaimer on Forecast Information

The above forecasts provided by Fonterra Co-operative Group Limited or its affiliates (together “Fonterra”) are indicative, have not been independently verified and are subject to considerable uncertainty. The information presented or contained is subject to change from trading event to trading event and may only be considered current as at the date published. No representations or warranties, express or implied, are made as to, and no reliance should be placed on the accuracy, fairness, completeness or correctness of the information. Factors which may cause Fonterra to change its forecast include unexpected variations in the volume of milk received by Fonterra (for example, due to climate events affecting milk production); availability of manufacturing assets and by Fonterra decisions regarding the mix of products to be manufactured from the available milk. Fonterra varies its product mix on a frequent basis in response to changes in the relative prices of various products, committed or expected contractual commitments for non-GlobalDairyTrade products, and manufacturing plant availability. The same factors may lead Fonterra to specify an actual offer quantity for a trading event that differs from the most recent forecast.

This information is provided subject to the Terms of Use for the www.nzxfutures.com website.