Fonterra adjusts GDT volume profiles from 2026

To uphold its long-standing commitment to transparent and consistent price discovery, Fonterra will adjust the volume profiles offered through Global Dairy Trade (GDT) events.Beginning in 2026, the company will gradually increase the volumes available for earlier contract periods, with a particular emphasis on Contract Period 2. The first phase of this transition will involve reducing and eventually discontinuing the volumes currently offered in Contract Periods 5 and 6, reallocating those quantities to Contract Periods 2 and 3.Fonterra expects these adjustments to better align with customer demand on GDT, while keeping total available volumes and shipping profiles unchanged. The cooperative also anticipates that the revised structure will strengthen weekly price signals, as additional volumes become available through GDT Pulse. When reviewing the announced changes in aggregate, the total volume appears to show a potential reduction of approximately 15,623 kilo across all commodities, with the largest decreases occurring in skim milk powder (SMP) and whole milk powder (WMP). Of this amount, only 2,800 tons of SMP are specifically noted as being transferred to GDT Pulse, while some of the reduced volumes are expected to be offered in later months. Forecast - 12 month Current From 2026 Change WMP 354.753 349.805 -4.948 SMP 131.020 124.466 -6.554 BMP 6.970 6.749 -221 Butter 43.310 41.485 -1.825 AMF 66.415 63.940 -2.475 Cheddar 14.440 14.840 400 Total change (tons) -15.623