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Skim Milk Powder (SMP)

Trading Event 398 will begin at 12:00 hours UTC/GMT on Tuesday, 17 February, which is 01:00 NZDT on Wednesday, 18 February 2026

	Shipment Months at Seller Ports
	Contract 1(Mar 26)	Contract 2(Apr 26)	Contract 3(May 26)	Contract 4(Jun 26)	Contract 5(Jul 26)	Contract 6(Aug 26)
Skim Milk Powder (SMP)
Sales Group Minimum Supply (MT)	315	1980	900	205	0	0
Sales Group Maximum Supply (MT)	350	2200	1000	230	0	0
Product Minimum Supply (MT)
Low Heat - NZ	0	0	0	0	0	0
Medium Heat - NZ	0	0	0	0	0	0
UHT - NZ	0	0	0	0	0	0
Product Maximum Supply (MT)
Low Heat - NZ	40	200	100	40	0	0
Medium Heat - NZ	350	2200	1000	230	0	0
UHT - NZ	350	2200	1000	230	0	0
Starting Price (USD/MT, FAS)
Low Heat - NZ	$2,615	$2,480	$2,475	$2,500	—	—
Medium Heat - NZ	$2,615	$2,480	$2,475	$2,500	—	—
UHT - NZ	$2,665	$2,530	$2,525	$2,550	—	—

Forecast Offer Quantities (MT)
Trading Event	TE 399	TE 400	TE 401	TE 402	Forecast	Change on Previous Forecast
Date	04 Mar 26, NZDT	18 Mar 26, NZDT	08 Apr 26, NZST	22 Apr 26, NZST	Forecast	Change on Previous Forecast
Fonterra					12 Month
Contract 1	200	200	0	0	10,295	0
Contract 2	1,250	1,250	1,130	1,130	63,365	0
Contract 3	430	430	280	280	32,991	0
Contract 4	343	342	425	425	17,685	0
Contract 5	0	0	0	0	0	0
Contract 6	0	0	0	0	0	0
Totals	2,223	2,222	1,835	1,835	124,336	0

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