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Fourth Globaldairytrade Event Confirms Trend

Media Release
2 October 2008

Fourth Globaldairytrade Event Confirms Commodities Trend

The fourth trading event for Fonterra’s internet-based sales platform, globalDairyTrade, concluded at 2.25 am this morning (NZT).

The trading manager, CRA International, advised Fonterra that after six bidding rounds the average price achieved across all products and contract periods for Whole Milk Powder (WMP) was US$2,917 per MT FAS New Zealand Port. This is 11.8 percent lower than for the previous trading event on 3 September 2008. Prices ranged from US$2,830 per MT FAS to US$3,075 per MT FAS.

Fonterra’s Commercial Director GlobalTrade, Guy Roper, said the fall in prices was expected and continues the decline in global dairy prices from last year’s unprecedented highs.

“The spreading global financial crisis, and concurrent economic slowdown, is curbing demand for all commodities and dairy is no exception,” said Mr Roper. “At the same time, we’re seeing continued growth in global milk supply, particularly out of the US. This combination of factors means there remains a short-term excess of supply in the market, although positive signs are emerging of increased demand for WMP in the New Year.”

The globalDairyTrade platform is increasingly becoming the global reference price for WMP, said Mr Roper.

The next trading event will be held on 4 November 2008. See for more details and for CRA International’s Website.

- ENDS -

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