chart focus march 2015

INDEX PAGE

Key developments since inception 3

Growth Trends 4

Sellers and Buyers 5

GDT Price Index 6

Shipment Profile 7

Distribution of sales 8-9

Participating bidders: AMF, SMP, WMP 10

Participating bidders: BMP, Butter, Cheddar, Lactose, and RenCas 11

Offer quantities and bidding demand 12

Bidder eligibility and total supply 13

Quantity sold per month: All products, WMP, SMP, and AMF 14

Quantity sold per month: BMP, Butter, Cheddar, Lactose and RenCas 15

Average Prices: AMF, SMP, WMP 16

Average Prices: BMP, Butter, Cheddar and RenCas 17

Average prices: SMP by region 18

Average prices: WMP by region 19

Average prices: Butter by region 20

Tables 22-38

G L O B A L D A I R Y T R A D E

An update on GDT key indicators

C H A R T F O C U S March 2015

GLOBALDAIRYTRADE CHART FOCUS 2015 © GlobalDairyTradewww.globaldairytrade.info

2

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Chart Focus March 2015

Chart Focus is a six-monthly publication by GlobalDairyTrade to provide more information about GDT to the marketplace.

This edition of Chart Focus updates the September edition and includes quantity sold charts by product group. A brief description accompanies charts where appropriate but it is GlobalDairyTrade’s intention to avoid commenting on trends and implications. With the exception of price data (which is publicly available), all analysis is up to December 2014.

Public information is available for download at http://www.globaldairytrade.info/en/product-results/ download -historical-data/

ContactFor any queries please contact [email protected]

Published by GlobalDairyTrade Holdings Ltd.PO Box 106561, Auckland 1143 | Level 12, 23 Custom Street East, Auckland 1010, New Zealand

Abbreviations:

GDT GlobalDairyTrade AMF Anhydrous Milk Fat

AU Australia BMP Butter Milk Powder

EU Europe MPC70 Milk Protein Concentrate 70

IN India RenCas Rennet Casein

NZ New Zealand SMP Skim Milk Powder

US United States of America WMP Whole Milk Powder

CP Contract Period SWP Sweet Whey Powder

3

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Key developments since inception

Fonterra WMP GDT Starts

Fonterra AMF

Fonterra SMP

Fonterra BMP

Fonterra MPC70 & RenCas

Fonterra Cheddar

DairyAmerica SMP

Arla Foods SMP

Murray Goulburn Lactose

Fonterra Butter

Amul SMP and WMP

DairyAmerica Butter

Euroserum SMP

Arla Foods SMP

Land O’Lakes SMP

DairyAmerica Lactic Butter

Molkerei Ammerland SWP

Fonterra Australia SMP

Arla Foods Ingredients Lactose

Twice monthly events

Market Rules established

Multi-Seller Platform

Monthly Shipment Periods

Advisory Board Established

Chart Focus Launched

GDT’s 100th Trading Event

Trading Event Duration Reduced

New GDT Website Launched


2015

2008

2009

2010

2011

2012

2013

2014

Sellers and Products* GDT Platform Developments


Refer to page 22 for data *New sellers are shown on date of first sale

4

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Growth trendsThis chart details GlobalDairyTrade’s growth in number of bidders and annual quantity of product sold.Growth trends

This chart details GlobalDairyTrade’s growth in number of bidders and annual quantity of product sold.

Refer to page 23 for data

12 month sold quantity (LHS)

Approved bidders* (RHS)

0

100

200

300

400

500

600

700

800

900

1,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1,100,000

Approved Bidders Sold Quantity (MT)

* Bidder numbers will vary as new bidders register and inactive bidders are terminated (after 18 months of non-participation).

5

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Sellers and buyersThis page shows GlobalDairyTrade’s current sellers and the geographical distribution of participating bidders per Trading Event.

Sellers and buyers This page shows GlobalDairyTrade’s current sellers and the average geographical distribution of participating bidders per Trading Event.


North Asia 28%

South East Asia & Oceania

21% Europe

12%

Africa 12%

Middle East 11%

South & Central America

8%

North America 8%

PPaarrttiicciippaattiinngg bbiiddddeerrss bbyy rreeggiioonn January - December 2014

GGDDTT SSeelllleerrss

6

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

GDT Price IndexThe GDT Price Index shows how the prices of products traded on GDT have evolved over time, where price changes are weighted by quantities sold on GDT. Further information on the GDT Price Index is available at www.globaldairytrade.info/en/resources/gdt-price-index/

6

GDT Price Index The GDT Price Index shows how the prices of products traded on GDT have evolved over time, where price changes are weighted by quantities sold on GDT. Further information on the GDT Price Index is available at www.globaldairytrade.info/en/resources/gdt-price-index/


GlobalDairyTrade Chart Focus March 2015

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

GDT Price Index

7

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

7

Shipment profile This chart shows the seasonal profile of product shipments for all products offered in GDT trading events from January 2011 until December 2014.



0

20,000

40,000

60,000

80,000

100,000

120,000

Quantity (MT) Quantity shipped during calendar month

Shipment profileThis chart shows the seasonal profile of product shipments for all products offered in GDT trading events from January 2011 until December 2014.

8

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Distribution of salesThe left chart shows the distribution of sold quantity by product group for the 12 months to December 2014. The chart on the right shows percentage of product sold in each contract period (CP)* for the 12 months to December 2014.

WMP 57%

SMP 23%

AMF 9%

Butter 6%

Cheddar 3% Other*

2%

8

Distribution of sales The left chart shows the distribution of sold quantity by product group for the 12 months to December 2014. The chart on the right shows percentage of product sold in each contract period (CP) for the 12 months to December 2014.


CP1 5%

CP2 44%

CP3 25%

CP4 15%

CP5 8%

CP6 3%


*Contract Period (CP), refers to the month when product is shipped. Product sold in CP1 is shipped in the month after the trading event when it was purchased, CP2 is shipped two months after, etc.

Sold quantity by contract period

January – December 2014

Sold quantity by product


*Other includes BMP, Lactose, MPC70, Rennet Casein and SWP

9

Bidders’ purchase distributions The left chart shows the number of transactions* by size category as a share of total transactions over the year to December 2014. The right chart shows the quantity purchased by size category as a share of total purchases over the same period.



1-50 MT 55%

51-100 MT 21%

101-500 MT 22%

501+ MT 2% 1-50 MT

16%

51-100 MT 17%

101-500 MT 50%

501+ MT 17%

Distribution of quantity purchasedby size category


Distribution of transactionsby size category


*A transaction represents a purchase within a product group and contract period, in a Trading Event.

Bidders’ purchase distributionsThe left chart shows the number of transactions* by size category as a share of total transactions over the year to December 2014. The right chart shows the quantity purchased by size category as a share of total purchases over the same period.

For instance, 2% of transactions were purchases of more than 500 MT. These transactions (i.e. over 500 MT) accounted for 17% of the total quantity purchased over this period.

9

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Participating bidders: AMF, SMP and WMPThis chart shows the number of bidders who bid on each product in at least one trading event over the 12 months until December of the respective year.

10

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

10

Participating bidders: AMF, SMP and WMP This chart shows the number of bidders who actively bid on each product in at least one trading event over the 12 months until December of the respective year.



0

50

100

150

200

250

300

AMF SMP WMP

Number of Participating Bidders

2011 2012 2013 2014

Participating bidders: BMP, Butter, Cheddar, Lactose, RenCas and SWPThis chart shows the number of bidders who bid on each product in at least one trading event over the 12 months until December of the respective year.

11

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

11

Participating bidders: BMP, Butter, Cheddar, Lactose, RenCas and SWP This chart shows the number of bidders who actively bid on each product in at least one trading event over the 12 months until December of the respective year.



0

20

40

60

80

100

120

BMP Butter Cheddar Lactose RenCas SWP


2011 2012 2013 2014

Offer quantity and bidding demandThis chart shows the average quarterly offer quantity and first round bidding demand. Bid ratio represents the average quarterly ratio of demand to supply in the first round of a trading event, e.g., a demand ratio of two indicates that the total demand in the first round was twice the available supply.

12

Offer quantity and bidding demand This chart shows the average quarterly offer quantity and first round bidding demand. Bid ratio represents the average quarterly ratio of demand to supply in the first round of a trading event, e.g., a demand ratio of two indicates that the total demand in the first round was twice the available supply.



0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0

20,000

40,000

60,000

80,000

100,000

120,000

Bid Ratio Quantity (MT)

Quarterly average offer quantity

Quarterly average first round bidding demand

Bid ratio

12

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Bidder eligibility and total supply

13

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

13

Bidder eligibility and total supply Each seller determines which bidder can purchase their products by assigning eligibility. Total eligibility represents the maximum quantity bidders can purchase across all sellers. This chart shows bidder eligibility and supply available to bidders averaged across six trading events per quarter. The ratio of eligibility to supply indicates how much eligibility in metric tonnes is available per metric tonne of supply.



0

10

20

30

40

50

60

70

80

90

100

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

Ratio of Eligibility to Supply

Eligibility Quantity (MT)

Eligibility Supply Eligibility to Supply Ratio

Each seller determines which bidder can purchase their products by assigning eligibility. Total eligibility represents the maximum quantity bidders can purchase across all sellers. This chart shows bidder eligibility and supply available to bidders averaged across six trading events per quarter. The ratio of eligibility to supply indicates how much eligibility in metric tonnes is available per metric tonne of supply.

Eligibility levels are impacted by the number of sellers offering products in an auction and by the level of supply offered by participating sellers.

Quantity sold per month: All products, WMP, SMP and AMFThese charts show the quantities of all products, WMP, SMP and AMF sold throughout 2011, 2012, 2013 and 2014. Please note, the quantity scales vary between each chart.

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Quantity (MT)

2011 2012 2013 2014

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2011 2012 2013 2014

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Quantity (MT)

2011 2012 2013 2014

14

Quantity sold per month: All products, WMP, SMP and AMF These charts show the quantities of All products, WMP, SMP and AMF sold throughout 2011, 2012, 2013 and 2014.

Please note, the quantity scales vary between each chart.

Refer to pages 31 & 32 for data


0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Quantity (MT)

2011 2012 2013 2014

All product groups WMP

SMP AMF

14

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Quantity sold per month: BMP, Butter, Cheddar and RenCas These charts show the quantities of BMP, Butter, Cheddar and RenCas sold throughout 2011, 2012, 2013 and 2014. Please note, the quantity scales vary between each chart.

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

BMP

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

15



0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Quantity (MT)

2011 2012 2013 2014

Butter

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Quantity (MT)

2011 2012 2013 2014

Cheddar

RenCas

Quantity sold per month: BMP, Butter, Cheddar and RenCas These charts show the quantities of BMP, butter, cheddar and RenCas sold throughout 2011, 2012, 2013 and 2014.


15

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

16

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Average prices: AMF, SMP and WMPThe chart shows average prices across all product specifications and sellers for short term contract periods (C1 and C2), weighted by sold quantity.

16

Average prices: AMF, SMP and WMP The chart shows average prices across all product specifications and sellers for short term contract periods (C1 and C2), weighted by sold quantity.



0

1000

2000

3000

4000

5000

6000

7000

AMF SMP WMP

Prices (USD/MT)

17

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Average prices: BMP, Butter, Cheddar and Rennet Casein The chart shows average prices across all product specifications and sellers for short term contract periods (C1 and C2), weighted by sold quantity. Gaps in the price lines reflect that no product was offered in those months.

17




0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Butter BMP Cheddar RenCas

Prices (USD/MT)

18

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Average prices: SMP by regionThe chart shows average prices across all product specifications and sellers within each region for short term contract periods (C1 and C2), weighted by sold quantity.

18

Average prices: SMP by region The chart shows average prices across all product specifications and sellers within each region for short term contract periods (C1 and C2), weighted by sold quantity.



0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

EU India Oceania US

Prices (USD/MT)

19

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Average prices: WMP by regionThe chart shows average prices across all product specifications and sellers within each region for short term contract periods (C1 and C2), weighted by sold quantity.

19

Average prices: WMP by region The chart shows average prices across all product specifications and sellers within each region for short term contract periods (C1 and C2), weighted by sold quantity.



0

1000

2000

3000

4000

5000

6000

7000

India Oceania

Prices (USD/MT)

20

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Average prices: Butter by regionThe chart shows average prices across all product specifications and sellers within each region for short term contract periods (C1 and C2), weighted by sold quantity.

20

Average prices: Butter by region The chart shows average prices across all product specifications and sellers within each region for short term contract periods (C1 and C2), weighted by sold quantity.



0

1000

2000

3000

4000

5000

6000

Oceania US

Prices (USD/MT)

21

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Tables

22

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Refer to page 3 for graph

Table 1 - Key developments since inception2/07/08 GDT starts

2/07/08 Fonterra (NZ) WMP offered

3/11/09 Fonterra AMF

2/03/10 Fonterra SMP

1/08/10 Fonterra BMP

1/09/10 Twice monthly events

17/05/11 Fonterra MPC70 & RenCas

19/07/11 Fonterra Cheddar

20/07/11 DairyAmerica (USA) joins as a new seller

18/08/11 Market Rules established

1/11/11 Multi-Seller Platform

1/11/11 DairyAmerica SMP

30/11/11 Murray Goulburn (Aus) joins as new seller

14/12/11 Arla Foods (EU) joins as a new seller

3/04/12 Murray Goulburn Lactose

3/04/12 Arla Foods SMP

1/05/12 Monthly Shipment Periods

21/08/12 Advisory Board Established

1/11/12 Arla Foods SMP and BMP

19/02/13 Fonterra Butter

27/03/13 Chart Focus launched

30/04/13 Amul (IN) joins as a new seller

4/06/13 Amul SMP and WMP

27/06/13 Euroserum (EU) joins as a new seller

2/07/13 DairyAmerica Butter

17/09/13 GDT's 100th Trading Event

5/11/13 Euroserum SMP

2/12/13 Arla SMP

10/12/13 Land O'Lakes (USA) joins as a new seller

21/01/14 Trading Event duration reduced

13/02/14 New GDT website launched

4/03/14 Land O'Lakes SMP

18/03/14 DairyAmerica Lactic Butter

14/07/14 Molkerei Ammerland (EU) joins as new seller

16/09/15 Molkerei Ammerland SWP

10/12/14 Fonterra Australia SMP

17/02/15 Trading Event Duration Reduced

15/04/15 Arla Foods Ingredients (EU) Lactose

Fonterra WMP GDT Starts

Fonterra AMF

Fonterra SMP

Fonterra BMP

Fonterra MPC70 & RenCas

Fonterra Cheddar

DairyAmerica SMP

Arla Foods SMP

Murray Goulburn Lactose

Fonterra Butter

Amul SMP and WMP

DairyAmerica Butter

Euroserum SMP

Arla Foods SMP

Land O’Lakes SMP

DairyAmerica Lactic Butter

Molkerei Ammerland SWP

Fonterra Australia SMP

Arla Foods Ingredients Lactose

Twice monthly events

Market Rules established

Multi-Seller Platform

Monthly Shipment Periods

Advisory Board Established

Chart Focus Launched

GDT’s 100th Trading Event


New GDT Website Launched


2015

2008

2009

2010

2011

2012

2013

2014

Sellers and Products* GDT Platform Developments


Refer to page 22 for data *New sellers are shown on date of first sale

23

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38


DateNumber of

approved bidders 12 month sold quantity (MT)

DateNumber of

approved bidders 12 month sold quantity (MT)

Jan-10 246 240,912 Jul-12 687 851,254

Feb-10 252 251,122 Aug-12 703 866,414

Mar-10 276 271,335 Sep-12 718 891,009

Apr-10 282 285,089 Oct-12 724 914,707

May-10 278 302,818 Nov-12 726 936,409

Jun-10 275 320,859 Dec-12 733 959,200

Jul-10 279 350,572 Jan-13 746 980,349

Aug-10 291 386,863 Feb-13 767 991,789

Sep-10 297 424,629 Mar-13 784 977,026

Oct-10 305 469,483 Apr-13 795 947,246

Nov-10 307 503,458 May-13 807 909,200

Dec-10 307 539,285 Jun-13 828 902,801

Jan-11 310 560,017 Jul-13 847 904,510

Feb-11 313 573,242 Aug-13 861 931,167

Mar-11 305 564,781 Sep-13 875 915,104

Apr-11 308 563,279 Oct-13 887 891,483

May-11 319 557,392 Nov-13 823 890,643

Jun-11 340 559,215 Dec-13 827 890,759

Jul-11 348 564,054 Jan-14 831 892,531

Aug-11 355 582,612 Feb-14 791 890,708

Sep-11 402 615,600 Mar-14 772 932,886

Oct-11 435 634,772 Apr-14 760 980,157

Nov-11 473 653,158 May-14 729 1,017,134

Dec-11 498 665,466 Jun-14 714 1,038,204

Jan-12 523 680,730 Jul-14 683 1,039,535

Feb-12 567 703,941 Aug-14 659 1,017,542

Mar-12 586 732,021 Sep-14 651 1,025,216

Apr-12 607 766,295 Oct-14 663 1,042,575

May-12 628 812,770 Nov-14 674 1,026,086

Jun-12 658 829,677 Dec-14 678 1,000,947

Table 2 - Growth trends

Growth trends This chart details GlobalDairyTrade’s growth in number of bidders and annual quantity of product sold.


12 month sold quantity (LHS)

Approved bidders* (RHS)

0

100

200

300

400

500

600

700

800

900

1,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1,100,000

Approved Bidders Sold Quantity (MT)

* Bidder numbers will vary as new bidders register and inactive bidders are terminated (after 18 months of non-participation).

24

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38


North Asia 28%

South East Asia & Oceania 21%

Europe 12%

Africa 12%

Middle East 11%

South & Central America 8%

North America 8%

Sellers and buyers This page shows GlobalDairyTrade’s current sellers and the average geographical distribution of participating bidders per Trading Event.


North Asia 28%

South East Asia & Oceania

21% Europe

12%

Africa 12%

Middle East 11%

South & Central America

8%

North America 8%

PPaarrttiicciippaattiinngg bbiiddddeerrss bbyy rreeggiioonn January - December 2014

GGDDTT SSeelllleerrss

Table 3 - Participating bidders by region January 2014 – December 2014

Table 4 - GDT-Price Index

25

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38


DateGDT

Price Index

DateGDT

Price Index

DateGDT

Price Index

DateGDT

Price Index

DateGDT

Price Index

Jan-99 522 Feb-03 588 Mar-07 1,080 Dec-10 1,124 Jan-13 985Feb-99 497 Mar-03 596 Apr-07 1,273 Jan-11 1,188 Jan-13 1,004Mar-99 489 Apr-03 585 May-07 1,358 Jan-11 1,197 Feb-13 1,047Apr-99 474 May-03 575 Jun-07 1,533 Feb-11 1,277 Feb-13 1,090May-99 466 Jun-03 574 Jul-07 1,648 Feb-11 1,336 Mar-13 1,215Jun-99 460 Jul-03 571 Aug-07 1,663 Mar-11 1,419 Mar-13 1,393Jul-99 453 Aug-03 570 Sep-07 1,650 Mar-11 1,300 Apr-13 1,549Aug-99 459 Sep-03 585 Oct-07 1,691 Apr-11 1,251 Apr-13 1,573Sep-99 468 Oct-03 605 Nov-07 1,661 Apr-11 1,253 May-13 1,437Oct-99 477 Nov-03 605 Dec-07 1,592 May-11 1,227 May-13 1,400Nov-99 493 Dec-03 609 Jan-08 1,489 May-11 1,200 Jun-13 1,325Dec-99 493 Jan-04 616 Feb-08 1,454 Jun-11 1,220 Jun-13 1,358Jan-00 515 Feb-04 620 Mar-08 1,459 Jun-11 1,211 Jul-13 1,368Feb-00 529 Mar-04 625 Apr-08 1,385 Jul-11 1,146 Jul-13 1,439Mar-00 526 Apr-04 625 May-08 1,372 Jul-11 1,076 Aug-13 1,405Apr-00 538 May-04 653 Jun-08 1,356 Aug-11 1,054 Aug-13 1,438May-00 546 Jun-04 687 Jul-08 1,369 Aug-11 1,041 Sep-13 1,422Jun-00 597 Jul-04 707 Aug-08 1,192 Sep-11 1,033 Sep-13 1,426Jul-00 643 Aug-04 707 Sep-08 1,024 Sep-11 1,007 Oct-13 1,460Aug-00 684 Sep-04 707 Oct-08 903 Oct-11 994 Oct-13 1,432Sep-00 683 Oct-04 722 Nov-08 801 Oct-11 1,019 Nov-13 1,406Oct-00 689 Nov-04 747 Dec-08 691 Nov-11 1,000 Nov-13 1,408Nov-00 694 Dec-04 746 Jan-09 631 Nov-11 1,032 Dec-13 1,463Dec-00 706 Jan-05 751 Feb-09 580 Dec-11 1,068 Dec-13 1,466Jan-01 707 Feb-05 757 Mar-09 681 Dec-11 1,053 Jan-14 1,455Feb-01 694 Mar-05 756 Apr-09 698 Jan-12 1,041 Jan-14 1,475Mar-01 687 Apr-05 748 May-09 670 Jan-12 1,051 Feb-14 1,482Apr-01 689 May-05 744 Jun-09 591 Feb-12 1,036 Feb-14 1,463May-01 693 Jun-05 750 Jul-09 573 Feb-12 997 Mar-14 1,404Jun-01 696 Jul-05 762 Aug-09 713 Mar-12 993 Mar-14 1,332Jul-01 697 Aug-05 773 Sep-09 883 Mar-12 942 Apr-14 1,213Aug-01 685 Sep-05 775 Oct-09 938 Apr-12 948 Apr-14 1,182Sep-01 677 Oct-05 769 Nov-09 1,065 Apr-12 855 May-14 1,169Oct-01 652 Nov-05 762 Dec-09 1,083 May-12 820 May-14 1,148Nov-01 617 Dec-05 750 Jan-10 1,025 May-12 757 Jun-14 1,099Dec-01 564 Jan-06 733 Feb-10 999 Jun-12 857 Jun-14 1,109Jan-02 531 Feb-06 738 Mar-10 1,000 Jun-12 857 Jul-14 1,055Feb-02 488 Mar-06 728 Apr-10 1,226 Jul-12 805 Jul-14 961Mar-02 453 Apr-06 709 May-10 1,218 Jul-12 796 Aug-14 880Apr-02 441 May-06 705 Jun-10 1,186 Aug-12 819 Aug-14 875May-02 428 Jun-06 693 Jul-10 1,020 Aug-12 885 Sep-14 822Jun-02 416 Jul-06 704 Aug-10 937 Sep-12 942 Sep-14 822Jul-02 411 Aug-06 704 Sep-10 1,092 Sep-12 951 Oct-14 762Aug-02 406 Sep-06 713 Sep-10 1,118 Oct-12 950 Oct-14 773Sep-02 426 Oct-06 741 Oct-10 1,104 Oct-12 994 Nov-14 771Oct-02 461 Nov-06 829 Oct-10 1,084 Nov-12 994 Nov-14 747Nov-02 499 Dec-06 913 Nov-10 1,087 Nov-12 987 Dec-14 739Dec-02 525 Jan-07 954 Nov-10 1,078 Dec-12 966 Dec-14 757Jan-03 570 Feb-07 1,019 Dec-10 1,099 Dec-12 969

6

GDT Price Index The GDT Price Index shows how the prices of products traded on GDT have evolved over time, where price changes are weighted by quantities sold on GDT. Further information on the GDT Price Index is available at www.globaldairytrade.info/en/resources/gdt-price-index/



0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

GDT Price Index

Table 5 - Shipment profile

DateQuantity shipped

during monthDate

Quantity shipped during month

Jan-11 68,870 Apr-13 81,065

Feb-11 58,463 May-13 54,429

Mar-11 43,022 Jun-13 35,308

Apr-11 25,453 Jul-13 26,435

May-11 21,836 Aug-13 29,451

Jun-11 25,503 Sep-13 59,460

Jul-11 28,139 Oct-13 91,799

Aug-11 41,086 Nov-13 104,543

Sep-11 63,118 Dec-13 102,895

Oct-11 69,430 Jan-14 110,407

Nov-11 52,242 Feb-14 112,663

Dec-11 73,499 Mar-14 96,173

Jan-12 80,840 Apr-14 78,048

Feb-12 83,114 May-14 78,021

Mar-12 73,501 Jun-14 77,038

Apr-12 63,710 Jul-14 68,011

May-12 57,705 Aug-14 43,693

Jun-12 66,023 Sep-14 57,766

Jul-12 70,440 Oct-14 82,807

Aug-12 27,593 Nov-14 108,713

Sep-12 48,990 Dec-14 115,573

26

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Refer to page 7 for graph7

Shipment profile This chart shows the seasonal profile of product shipments for all products offered in GDT trading events from January 2011 until December 2014.



0

20,000

40,000

60,000

80,000

100,000

120,000

Quantity (MT) Quantity shipped during calendar month

27

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

WMP 57%

SMP 23%

AMF 9%

Butter 6%

Cheddar 3% Other*

2%

8



CP1 5%

CP2 44%

CP3 25%

CP4 15%

CP5 8%

CP6 3%










Whole Milk Powder 57%

Skim Milk Powder 23%

Anhydrous Milkfat 9%

Butter 6%

Cheddar 4%

Other* 2%

*Other includes: BMP, MPC70, Rennet Casein, Lactose and SWP

CP1* 5%

CP2 44%

CP3 25%

CP4 14%

CP5 8%

CP6 3%

*Contract Period (CP), refers to the month when product is shipped. CP1 product is shipped in the month after the trading event when it was purchased, CP2 is shipped two months after, etc.

Table 6 - Sold quantities by product January 2014 - December 2014

Table 7 - Sold quantities by contract period January 2014 – December 2014

WMP 57%

SMP 23%

AMF 9%

Butter 6%

Cheddar 3% Other*

2%

8



CP1 5%

CP2 44%

CP3 25%

CP4 15%

CP5 8%

CP6 3%








28

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

1-50 MT 16%

51-100 MT 17%

101-500 MT 50%

501+ MT 17%

9




1-50 MT 55%

51-100 MT 21%

101-500 MT 22%

501+ MT 2% 1-50 MT

16%

51-100 MT 17%

101-500 MT 50%

501+ MT 17%








1-50 MT 55%

51-100 MT 21%

101-500 MT 22%

501+ MT 2%

*A transaction represents a purchase within a product group and contract period, in a Trading Event

9




1-50 MT 55%

51-100 MT 21%

101-500 MT 22%

501+ MT 2% 1-50 MT

16%

51-100 MT 17%

101-500 MT 50%

501+ MT 17%






Table 8 - Distribution of transactions by size category January 2014 - December 2014

Table 9 - Distribution of quantity purchased by size category January 2014 - December 2014

29

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38



Year BMP Butter Cheddar Lactose RenCas SWP

2011 46 61 51

2012 48 73 12 59

2013 52 95 61 3 49

2014 43 105 65 2 45 15

Table 10 - Participating bidders: AMF, SMP and WMP

Table 11 - Participating bidders: BMP, Butter, Cheddar, RenCas and SWP

Year AMF SMP WMP

2011 152 161 190

2012 159 212 193

2013 166 248 197

2014 151 245 194

10

Participating bidders: AMF, SMP and WMP This chart shows the number of bidders who actively bid on each product in at least one trading event over the 12 months until December of the respective year.



0

50

100

150

200

250

300

AMF SMP WMP


2011 2012 2013 2014

11

Participating bidders: BMP, Butter, Cheddar, Lactose, RenCas and SWP This chart shows the number of bidders who actively bid on each product in at least one trading event over the 12 months until December of the respective year.



0

20

40

60

80

100

120

BMP Butter Cheddar Lactose RenCas SWP


2011 2012 2013 2014

12

Offer quantity and bidding demand This chart shows the average quarterly offer quantity and first round bidding demand. Bid ratio represents the average quarterly ratio of demand to supply in the first round of a trading event, e.g., a demand ratio of two indicates that the total demand in the first round was twice the available supply.



0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0

20,000

40,000

60,000

80,000

100,000

120,000

Bid Ratio Quantity (MT)

Quarterly average offer quantity

Quarterly average first round bidding demand

Bid ratio

13

Bidder eligibility and total supply Each seller determines which bidder can purchase their products by assigning eligibility. Total eligibility represents the maximum quantity bidders can purchase across all sellers. This chart shows bidder eligibility and supply available to bidders averaged across six trading events per quarter. The ratio of eligibility to supply indicates how much eligibility in metric tonnes is available per metric tonne of supply.



0

10

20

30

40

50

60

70

80

90

100

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

Ratio of Eligibility to Supply

Eligibility Quantity (MT)

Eligibility Supply Eligibility to Supply Ratio

30

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Date Quarterly average offer quantity

Quarterly average first round bidding demand Bid ratio

2011-Q1 18,550 69,881 3.8

2011-Q2 14,775 50,275 3.4

2011-Q3 36,878 77,904 2.1

2011-Q4 41,216 91,786 2.2

2012-Q1 29,816 66,909 2.2

2012-Q2 31,672 64,148 2.0

2012-Q3 47,491 97,727 2.1

2012-Q4 53,107 109,505 2.1

2013-Q1 32,981 102,219 3.1

2013-Q2 19,454 56,825 2.9

2013-Q3 49,607 110,641 2.2

2013-Q4 49,991 117,309 2.3

2014-Q1 40,206 102,673 2.6

2014-Q2 37,240 76,793 2.1

2014-Q3 48,622 78,435 1.6

2014-Q4 45,102 80,300 1.8

Date Supply Eligibility Eligibility to Supply Ratio

2011- Q1 18,550 592,986 32.0

2011- Q2 14,775 589,192 39.9

2011- Q3 36,878 603,834 16.4

2011- Q4 39,404 656,663 16.7

2012- Q1 29,816 681,882 22.9

2012- Q2 31,672 678,706 21.4

2012- Q3 47,491 671,437 14.1

2012- Q4 53,107 738,691 13.9

2013- Q1 32,981 808,452 24.5

2013- Q2 19,454 884,445 45.5

2013- Q3 49,607 1,124,425 22.7

2013- Q4 49,991 1,572,424 31.5

2014- Q1 40,206 1,674,530 41.6

2014- Q2 37,240 1,358,262 36.5

2014- Q3 48,622 840,530 17.3

2014- Q4 45,102 818,250 18.1

Table 13 - Bidder eligibility and total supply

Table 12 - Offer quantity and bidding demand



0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Quantity (MT)

2011 2012 2013 2014

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2011 2012 2013 2014

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Quantity (MT)

2011 2012 2013 2014

14





0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Quantity (MT)

2011 2012 2013 2014


SMP AMF

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Quantity (MT)

2011 2012 2013 2014

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2011 2012 2013 2014

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Quantity (MT)

2011 2012 2013 2014

14





0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Quantity (MT)

2011 2012 2013 2014


SMP AMF

31

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

2011 2012 2013 2014

January 49,257 63,449 84,590 87,145

February 37,139 59,370 70,759 69,630

March 24,599 51,424 37,577 79,711

April 24,437 58,126 28,931 75,856

May 26,167 72,245 34,874 71,851

June 36,824 53,368 47,926 68,996

July 52,915 74,160 76,838 78,169

August 74,135 89,074 116,428 94,767

September 90,641 114,851 99,507 107,561

October 87,317 110,782 87,673 105,442

November 79,626 101,366 100,765 84,782

December 75,697 98,745 99,142 74,163

2011 2012 2013 2014

January 36,000 38,801 56,866 55,017

February 24,510 38,039 42,842 37,324

March 14,000 29,880 15,922 42,813

April 14,945 35,187 9,829 39,131

May 14,454 44,907 17,553 35,596

June 25,024 30,776 26,105 34,593

July 31,981 36,836 41,169 42,498

August 43,921 51,547 75,027 56,356

September 51,989 73,602 58,386 66,206

October 48,770 68,907 47,894 64,696

November 45,950 65,915 61,273 49,664

December 44,012 65,304 64,535 47,018

Table 14 - Quantity sold per month: All Products

Table 15 - Quantity sold per month: WMP



0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Quantity (MT)

2011 2012 2013 2014

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2011 2012 2013 2014

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Quantity (MT)

2011 2012 2013 2014

14





0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Quantity (MT)

2011 2012 2013 2014


SMP AMF

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Quantity (MT)

2011 2012 2013 2014

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2011 2012 2013 2014

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Quantity (MT)

2011 2012 2013 2014

14





0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Quantity (MT)

2011 2012 2013 2014


SMP AMF

32

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38



2011 2012 2013 2014

January 8,200 12,377 12,675 14,899

February 7,782 9,239 12,810 15,735

March 5,694 9,647 8,890 20,284

April 4,592 11,710 8,998 20,399

May 4,187 13,702 8,994 23,052

June 3,911 10,661 12,474 19,831

July 9,891 20,431 19,649 17,852

August 15,134 21,728 22,926 20,378

September 21,319 21,581 22,838 23,688

October 20,022 20,649 20,679 22,936

November 15,778 16,875 20,838 17,586

December 16,875 17,155 17,277 11,825

2011 2012 2013 2014

January 4,650 7,641 9,320 7,820

February 4,847 7,672 8,263 8,508

March 4,905 6,124 5,300 7,836

April 4,900 6,416 5,033 6,879

May 7,208 8,876 4,378 5,262

June 7,428 7,118 4,276 8,403

July 8,925 10,747 6,800 8,507

August 10,950 9,222 8,723 6,793

September 11,191 11,212 8,137 6,649

October 11,331 12,051 7,837 6,381

November 10,633 12,013 6,721 6,602

December 8,301 10,208 6,708 5,817

Table 17 - Quantity sold per month: AMF

Table 16 - Quantity sold per month: SMP

33

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

BMP

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

15



0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Quantity (MT)

2011 2012 2013 2014

Butter

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Quantity (MT)

2011 2012 2013 2014

Cheddar

RenCas



0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

BMP

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

15



0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Quantity (MT)

2011 2012 2013 2014

Butter

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Quantity (MT)

2011 2012 2013 2014

Cheddar

RenCas





Table 19 - Quantity sold per month: Butter

Table 18 - Quantity sold per month: Cheddar

2011 2012 2013 2014

January 2,959 4,290 3,060

February 3,221 3,387 2,560

March 4,027 2,291 2,426

April 3,601 880 2,187

May 3,380 300 1,408

June 2,692 590 1,093

July 960 3,558 1,764 2,340

August 2,118 3,963 2,710 3,503

September 3,253 5,418 3,453 3,835

October 4,314 6,196 2,794 4,124

November 4,697 4,820 2,931 4,616

December 4,248 4,628 2,965 4,040

2011 2012 2013 2014

January 5,053

February 1,793 4,422

March 3,686 5,427

April 3,360 6,324

May 2,713 5,707

June 3,419 4,147

July 5,848 5,648

August 5,065 5,683

September 4,808 5,002

October 6,557 5,111

November 7,167 4,373

December 6,320 3,862

34

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

BMP

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

15



0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Quantity (MT)

2011 2012 2013 2014

Butter

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Quantity (MT)

2011 2012 2013 2014

Cheddar

RenCas



0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

BMP

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Quantity (MT)

2011 2012 2013 2014

15



0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Quantity (MT)

2011 2012 2013 2014

Butter

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Quantity (MT)

2011 2012 2013 2014

Cheddar

RenCas





Table 21 - Quantity sold per month: RenCas

Table 20 - Quantity sold per month: BMP

2011 2012 2013 2014

January 407 700 384 606

February 0 0 575 572

March 0 0 575 499

April 0 0 606 389

May 0 0 695 589

June 0 1,012 598 640

July 557 1,088 750 868

August 1,034 1,269 886 881

September 1,864 1,276 753 914

October 1,859 1,174 766 811

November 1,546 497 761 693

December 1,150 400 525 530

2011 2012 2013 2014

January 971 1,055 573

February 1,199 1,071 409

March 1,746 913 426

April 793 225 447

May 318 992 241 237

June 461 858 464 289

July 601 1,080 858 456

August 978 1,144 1,091 1,123

September 1,025 1,422 1,082 1,267

October 1,021 1,755 1,109 1,383

November 1,022 964 940 1,248

December 1,111 1,050 662 1,071

35

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Table 22 - Average prices: AMF, SMP and WMP

Date AMF SMP WMP Date AMF SMP WMP Date AMF SMP WMP

Jan-11 5,981 3,447 3,728 May-12 2,706 2,669 2,747 Sep-13 5,041 4,344 5,063

Jan-11 5,923 3,579 3,756 May-12 2,392 2,542 2,488 Sep-13 4,892 4,264 5,115

Feb-11 6,463 3,870 3,997 Jun-12 3,393 3,056 2,713 Oct-13 5,062 4,437 5,266

Feb-11 6,315 3,895 4,363 Jun-12 3,139 2,841 2,933 Oct-13 4,989 4,548 5,137

Mar-11 6,438 4,060 4,947 Jul-12 2,673 2,604 2,736 Nov-13 5,345 4,570 4,875

Mar-11 6,162 3,745 4,320 Jul-12 2,882 2,806 2,538 Nov-13 5,279 4,562 4,865

Apr-11 6,008 3,840 3,946 Aug-12 2,892 2,799 2,667 Dec-13 5,384 4,748 5,006

Apr-11 5,977 3,821 3,986 Aug-12 3,133 3,044 2,861 Dec-13 5,557 4,816 4,903

May-11 5,675 4,030 3,964 Sep-12 3,408 3,195 2,960 Jan-14 5,520 4,748 4,909

May-11 5,340 3,951 3,972 Sep-12 3,072 3,320 3,076 Jan-14 5,616 4,667 4,921

Jun-11 5,667 4,553 3,803 Oct-12 2,894 3,332 3,203 Feb-14 5,499 4,716 4,981

Jun-11 5,351 4,192 3,892 Oct-12 2,736 3,315 3,450 Feb-14 5,293 4,778 4,972

Jul-11 5,252 3,705 3,640 Nov-12 2,965 3,457 3,363 Mar-14 5,068 4,645 4,661

Jul-11 4,564 3,473 3,452 Nov-12 3,020 3,379 3,255 Mar-14 4,551 4,606 4,383

Aug-11 4,266 3,476 3,461 Dec-12 3,127 3,384 3,170 Apr-14 4,038 4,142 3,960

Aug-11 4,232 3,428 3,355 Dec-12 3,136 3,398 3,126 Apr-14 4,068 3,955 3,913

Sep-11 4,330 3,438 3,298 Jan-13 3,120 3,568 3,190 May-14 4,177 3,849 3,920

Sep-11 3,737 3,173 3,289 Jan-13 3,193 3,538 3,261 May-14 4,259 3,660 3,796

Oct-11 3,674 3,167 3,263 Feb-13 3,499 3,488 3,468 Jun-14 3,988 3,880 3,702

Oct-11 3,623 3,241 3,473 Feb-13 3,631 3,536 3,639 Jun-14 3,826 3,859 3,715

Nov-11 3,200 3,233 3,511 Mar-13 3,746 3,661 4,349 Jul-14 3,617 3,830 3,457

Nov-11 3,557 3,258 3,574 Mar-13 4,392 3,930 5,313 Jul-14 3,198 3,481 3,090

Dec-11 4,004 3,321 3,648 Apr-13 4,742 4,541 5,998 Aug-14 3,468 3,153 2,680

Dec-11 3,978 3,243 3,556 Apr-13 5,024 4,504 6,283 Aug-14 3,583 2,806 2,755

Jan-12 3,879 3,219 3,527 May-13 4,795 4,150 6,001 Sep-14 3,311 2,521 2,628

Jan-12 4,054 3,300 3,517 May-13 4,762 4,231 6,151 Sep-14 3,234 2,597 2,670

Feb-12 3,796 3,222 3,495 Jun-13 5,070 4,016 5,245 Oct-14 2,987 2,512 2,448

Feb-12 3,406 3,180 3,386 Jun-13 5,332 4,178 4,989 Oct-14 3,324 2,423 2,470

Mar-12 3,453 3,139 3,366 Jul-13 5,135 4,335 4,905 Nov-14 3,253 2,380 2,480

Mar-12 3,148 3,062 3,316 Jul-13 5,309 4,410 5,372 Nov-14 3,459 2,230 2,353

Apr-12 3,390 2,991 3,211 Aug-13 4,704 4,389 5,037 Dec-14 3,794 2,364 2,168

Apr-12 3,170 2,787 2,766 Aug-13 5,011 4,360 5,184 Dec-14 4,211 2,255 2,232

16

Average prices: AMF, SMP and WMP The chart shows average prices across all product specifications and sellers for short term contract periods (C1 and C2), weighted by sold quantity.



0

1000

2000

3000

4000

5000

6000

7000

AMF SMP WMP

Prices (USD/MT)


36

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

Table 23 - Average prices: BMP, Butter, Cheddar and RenCas

Dat

e

Butt

er

BMP

Che

ddar

RenC

as

Dat

e

Butt

er

BMP

Che

ddar

RenC

as

Dat

e

Butt

er

BMP

Che

ddar

RenC

as

Jan-12 3,585 3,470 7,717 Jan-13 3,640 3,443 8,387 Jan-14 4,168 4,500 4,646 11,884

Jan-12 3,430 3,757 7,990 Jan-13 3,405 3,465 8,498 Jan-14 4,653 5,290 5,261 12,336

Feb-12 3,578 7,728 Feb-13 3,530 3,506 8,783 Feb-14 4,627 4,723 4,944 11,876

Feb-12 3,503 7,735 Feb-13 3,765 3,318 3,524 8,829 Feb-14 4,485 5,315 4,804 11,461

Mar-12 3,458 7,529 Mar-13 4,035 4,200 3,769 8,916 Mar-14 4,703 4,718 4,872 11,791

Mar-12 3,094 6,412 Mar-13 4,490 3,904 4,153 9,221 Mar-14 4,548 5,245 4,595 10,533

Apr-12 3,244 7,290 Apr-13 4,385 4,595 4,344 9,489 Apr-14 4,121 4,211 4,380 11,105

Apr-12 2,753 6,424 Apr-13 4,640 3,982 4,667 10,060 Apr-14 3,871 4,075 4,220 10,630

May-12 2,819 6,395 May-13 4,575 4,500 4,800 9,745 May-14 3,976 3,713 4,195 11,353

May-12 2,848 6,244 May-13 3,890 3,876 10,105 May-14 3,736 3,950 4,108 11,861

Jun-12 2,515 3,315 6,715 Jun-13 3,830 4,410 Jun-14 3,747 3,628 4,421 10,672

Jun-12 2,530 3,333 6,859 Jun-13 4,015 4,315 9,865 Jun-14 3,821 4,535 4,440 11,155

Jul-12 2,370 3,034 6,247 Jul-13 3,714 4,575 10,751 Jul-14 3,317 3,923 4,490 10,917

Jul-12 2,660 2,885 6,316 Jul-13 3,700 4,815 10,133 Jul-14 3,238 4,485 4,314 9,605

Aug-12 2,285 3,069 6,804 Aug-13 3,398 4,528 4,581 9,936 Aug-14 2,775 3,770 3,940 9,595

Aug-12 2,565 3,515 7,049 Aug-13 3,654 4,660 4,535 10,126 Aug-14 2,985 3,895 3,393 9,604

Sep-12 3,070 3,693 7,838 Sep-13 3,682 4,468 4,298 9,883 Sep-14 2,565 3,014 3,275 8,175

Sep-12 2,970 3,795 8,078 Sep-13 3,912 4,790 4,345 9,827 Sep-14 2,645 3,130 3,056 8,271

Oct-12 3,085 3,258 7,100 Oct-13 3,965 4,487 4,375 9,776 Oct-14 2,630 2,638 3,018 8,203

Oct-12 3,270 2,988 7,259 Oct-13 3,769 4,685 4,317 9,784 Oct-14 2,605 2,640 3,013 7,699

Nov-12 3,510 2,935 7,984 Nov-13 3,537 4,444 4,415 9,881 Nov-14 2,525 2,415 2,625 7,590

Nov-12 3,452 7,978 Nov-13 3,591 4,730 4,632 9,270 Nov-14 2,635 2,475 2,938 6,657

Dec-12 3,615 3,376 7,888 Dec-13 3,775 4,575 4,470 10,771 Dec-14 2,890 2,530 2,933 7,262

Dec-12 3,600 3,470 8,541 Dec-13 4,047 5,045 4,583 11,748 Dec-14 3,171 2,425 3,046 7,482

17




0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Butter BMP Cheddar RenCas

Prices (USD/MT)


Table 24 - Average prices: SMP by region


Date EU India Oceania US Date EU India Oceania US

Jan-12 3,288 3,034 Jul-13 4,153 3,399 4,760 4,106

Jan-12 3,430 3,005 Jul-13 4,272 3,379 4,891 4,126

Feb-12 3,409 2,931 Aug-13 4,391 3,247 4,696 4,176

Feb-12 3,328 2,831 Aug-13 4,365 3,265 4,497 4,446

Mar-12 3,295 2,761 Sep-13 4,340 3,384 4,501 4,205

Mar-12 3,167 2,791 Sep-13 4,263 3,390 4,376 4,206

Apr-12 2,706 3,115 2,744 Oct-13 4,185 3,478 4,620 4,346

Apr-12 2,608 2,824 2,650 Oct-13 4,284 3,792 4,677 4,383

May-12 2,500 2,706 2,521 Nov-13 4,384 4,178 4,811 4,249

May-12 2,460 2,572 2,409 Nov-13 4,455 4,127 4,683 4,422

Jun-12 2,559 3,569 2,658 Dec-13 4,618 4,414 4,983 4,602

Jun-12 2,725 3,009 2,737 Dec-13 4,660 4,522 4,758 5,049

Jul-12 2,600 2,572 2,676 Jan-14 4,604 4,553 5,088 4,611

Jul-12 2,610 2,823 2,825 Jan-14 4,553 4,435 4,997 4,528

Aug-12 2,940 2,743 2,928 Feb-14 4,559 4,358 5,084 4,505

Aug-12 3,203 2,921 3,350 Feb-14 4,646 4,395 5,147 4,434

Sep-12 3,465 3,115 3,670 Mar-14 4,508 4,385 4,896 4,384

Sep-12 3,438 3,302 3,500 Mar-14 4,425 4,370 4,820 4,390

Oct-12 3,410 3,290 3,573 Apr-14 4,093 4,250 4,153 4,169

Oct-12 3,390 3,315 3,314 Apr-14 3,918 4,310 3,943 4,000

Nov-12 3,370 3,459 3,482 May-14 3,869 4,165 3,841 3,850

Nov-12 3,350 3,384 3,378 May-14 3,753 3,599 3,943

Dec-12 3,400 3,442 3,262 Jun-14 3,837 3,836 4,023

Dec-12 3,342 3,405 3,407 Jun-14 3,917 3,768 3,974

Jan-13 3,397 3,612 3,587 Jul-14 3,880 3,772 3,912

Jan-13 3,520 3,605 3,473 Jul-14 3,596 3,437 3,850

Feb-13 3,458 3,718 3,328 Aug-14 3,189 3,650

Feb-13 3,452 3,734 3,409 Aug-14 2,933 2,792

Mar-13 3,377 4,018 3,448 Sep-14 2,718 3,840 2,444

Mar-13 3,568 4,495 3,535 Sep-14 2,554 3,785 2,591

Apr-13 3,990 6,219 3,836 Oct-14 2,461 3,785 2,527

Apr-13 4,485 5,661 4,183 Oct-14 2,415 3,785 2,404

May-13 4,014 5,125 3,967 Nov-14 3,860 2,403

May-13 3,840 5,353 3,866 Nov-14 2,223

Jun-13 4,070 3,245 4,312 3,884 Dec-14 2,407

Jun-13 4,085 3,450 4,589 3,951 Dec-14 2,294

37

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

18

Average prices: SMP by region The chart shows average prices across all product specifications and sellers within each region for short term contract periods (C1 and C2), weighted by sold quantity.



0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

EU India Oceania US

Prices (USD/MT)

38

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38



Table 26 - Average prices: Butter by region

Table 25 - Average prices: WMP by regionDate India Oceania Date India Oceania Date India OceaniaJan-12 3,527 Jan-13 3,190 Jan-14 4,950 4,909Jan-12 3,517 Jan-13 3,261 Jan-14 4,620 4,922Feb-12 3,495 Feb-13 3,468 Feb-14 4,740 4,982Feb-12 3,386 Feb-13 3,639 Feb-14 4,690 4,974Mar-12 3,366 Mar-13 4,349 Mar-14 4,620 4,661Mar-12 3,316 Mar-13 5,313 Mar-14 4,275 4,384Apr-12 3,211 Apr-13 5,998 Apr-14 3,960Apr-12 2,766 Apr-13 6,283 Apr-14 3,913May-12 2,747 May-13 6,001 May-14 3,920May-12 2,488 May-13 6,151 May-14 3,796Jun-12 2,713 Jun-13 3,995 5,250 Jun-14 3,702Jun-12 2,933 Jun-13 4,030 5,027 Jun-14 3,715Jul-12 2,736 Jul-13 4,238 4,912 Jul-14 3,457Jul-12 2,538 Jul-13 4,173 5,392 Jul-14 3,090Aug-12 2,667 Aug-13 3,895 5,044 Aug-14 2,680Aug-12 2,861 Aug-13 3,995 5,193 Aug-14 2,755Sep-12 2,960 Sep-13 3,945 5,065 Sep-14 2,628Sep-12 3,076 Sep-13 3,960 5,122 Sep-14 2,670Oct-12 3,203 Oct-13 4,150 5,270 Oct-14 2,448Oct-12 3,450 Oct-13 4,335 5,140 Oct-14 2,470Nov-12 3,363 Nov-13 4,550 4,876 Nov-14 2,480Nov-12 3,255 Nov-13 4,530 4,866 Nov-14 2,353Dec-12 3,170 Dec-13 4,855 5,006 Dec-14 2,168Dec-12 3,126 Dec-13 4,760 4,903 Dec-14 2,232

Date US Oceania Date US Oceania Date US OceaniaFeb-13 3,765 Oct-13 3,970 3,965 May-14 4,310 3,647Mar-13 4,035 Oct-13 4,185 3,751 Jun-14 4,555 3,645Mar-13 4,490 Nov-13 3,850 3,500 Jun-14 4,720 3,711Apr-13 4,385 Nov-13 3,850 3,570 Jul-14 4,875 3,165Apr-13 4,640 Dec-13 4,055 3,740 Jul-14 4,800 3,115May-13 4,575 Dec-13 3,980 4,060 Aug-14 2,775May-13 3,890 Jan-14 3,948 4,301 Aug-14 2,985Jun-13 3,830 Jan-14 4,442 4,830 Sep-14 2,565Jun-13 4,015 Feb-14 4,360 4,905 Sep-14 2,645Jul-13 3,660 3,720 Feb-14 4,189 4,697 Oct-14 2,630Jul-13 3,835 3,695 Mar-14 4,251 5,055 Oct-14 2,605Aug-13 3,675 3,356 Mar-14 4,486 4,610 Nov-14 2,525Aug-13 3,515 3,675 Apr-14 4,349 3,920 Nov-14 2,635Sep-13 3,655 3,687 Apr-14 4,044 3,751 Dec-14 2,890Sep-13 3,735 3,915 May-14 4,186 3,785 Dec-14 3,171

19

Average prices: WMP by region The chart shows average prices across all product specifications and sellers within each region for short term contract periods (C1 and C2), weighted by sold quantity.



0

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2000

3000

4000

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7000

India Oceania

Prices (USD/MT)

20

Average prices: Butter by region The chart shows average prices across all product specifications and sellers within each region for short term contract periods (C1 and C2), weighted by sold quantity.



0

1000

2000

3000

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5000

6000

Oceania US

Prices (USD/MT)

39

INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

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INDEX PAGE


Growth Trends 4


GDT Price Index 6

Shipment Profile 7













Tables 22-38

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