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Skim Milk Powder (SMP)

Trading Event 396 will begin at 12:00 hours UTC/GMT on Tuesday, 20 January, which is 01:00 NZDT on Wednesday, 21 January 2026

	Shipment Months at Seller Ports
	Contract 1(Feb 26)	Contract 2(Mar 26)	Contract 3(Apr 26)	Contract 4(May 26)	Contract 5(Jun 26)	Contract 6(Jul 26)
Skim Milk Powder (SMP)
Sales Group Minimum Supply (MT)	540	2475	1305	565	185	0
Sales Group Maximum Supply (MT)	600	2750	1450	625	205	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	60	280	150	60	40	0
Medium Heat - NZ	600	2750	1450	625	205	0
UHT - NZ	600	2750	1450	625	205	0
Starting Price (USD/MT, FAS)
Low Heat - NZ	$2,225	$2,220	$2,230	$2,240	$2,235	—
Medium Heat - NZ	$2,225	$2,220	$2,230	$2,240	$2,235	—
UHT - NZ	$2,275	$2,270	$2,280	$2,290	$2,285	—

Forecast Offer Quantities (MT)
Trading Event	TE 397	TE 398	TE 399	TE 400	Forecast	Change on Previous Forecast
Date	04 Feb 26, NZDT	18 Feb 26, NZDT	04 Mar 26, NZDT	18 Mar 26, NZDT	Forecast	Change on Previous Forecast
Fonterra					12 Month
Contract 1	350	350	200	200	10,295	0
Contract 2	2,200	2,200	1,250	1,250	63,365	560
Contract 3	1,000	1,000	430	430	32,991	325
Contract 4	230	230	343	342	17,685	0
Contract 5	0	0	0	0	0	-410
Contract 6	0	0	0	0	0	0
Totals	3,780	3,780	2,223	2,222	124,336	475

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