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Fonterra Shareholders' Fund (NZX: FSF) Global Dairy Update January 2021

Friday 29th January 2021

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New Zealand milk production was relatively flat in December compared to December last year increasing 0.7% on a litres basis (up 1.0% on a milk solids basis).

Following a 2.5% drop year-on-year in November driven by challenging weather conditions, milk production growth has improved in December as milder and drier weather settled in.

New Zealand milk production for the 12 months to December was also relatively flat on last year at 0.4% higher.

Total New Zealand dairy exports increased by 8.7%, or 32,823 MT, in November compared to the same period last year. Record volumes of WMP to China and South East Asia of 31,421 MT led this increase. This was offset by decreases in butter and fluid milk products, down a combined 6,852 MT. Exports for the 12 months to November were down by 2.3%, or 81,486 MT, on the previous comparable period. This was primarily driven by butter, infant formula, SMP, and cheese.

China dairy import volumes increased by 10%, or 28,565 MT, in November compared to the same period last year. Import volumes of fluid milk products, up 23,401 MT, from Germany and New Zealand continued to increase as dairy consumption is widely promoted to boost immunity. Whey imports were also up 19,739 MT, primarily from the US as China continues to rebuild its hog herds using whey as feed. Imports for the 12 months to November were up 10.4%, or 325,647 MT, driven by whey, fluid milk products, butter and lactose.

Fonterra's New Zealand collection for December was 183.1 million kgMS, down 0.7% on December last season. Season-to-date collection to the end of December was 902.8 million kgMS, down 0.7% on last season. The poor pasture conditions experienced in some areas in early November turned around with production at near normal levels by later in the month. December saw a wide range of weather conditions across the country but indications of good levels of supplementary feed production across most parts of the country.

Please see the link below for more details:

Global Dairy Update January 2021

Source: Fonterra Shareholders' Fund

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