CHART FOCUS

© Global DairyTrade Chart Focus March 2016

CHART FOCUSAN UPDATE ON KEY INDICATORS FROM GDT EVENTSMarch 2016

INDEX PAGE

Growth Trends 3

GDT Price Index 4

Sellers and Buyers 5

Shipment Profile 6

Distribution of sales 7

Bidders’ purchase distributions 8

Participating bidders: AMF, SMP, WMP and Butter 9

Participating bidders: BMP, Lactose, Cheddar, and RenCas 10

Offer quantity and bidding demand 11

Bidder eligibility and total supply 12

Quantity sold per month: WMP, SMP, AMF and Butter 13

Quantity sold per month: Cheddar, Lactose, BMP and RenCas 14

Average Prices: AMF, SMP and WMP 15

Average Prices: BMP, Butter, Cheddar and RenCas 16

Average prices: SMP by region 17

Tables 18-33

Disclaimer 34

© Global DairyTrade Chart Focus March 2016 2

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

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

For any queries please contact [email protected]

Abbreviations

GDT GlobalDairyTrade AMF Anhydrous Milk Fat

AU Australia BMP Butter Milk Powder

EU Europe RenCas Rennet Casein

IN India SMP Skim Milk Powder

NZ New Zealand WMP Whole Milk Powder

US United States of America SWP Sweet Whey Powder

CP Contract Period

Chart Focus March 2016 Contact

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

Please note, Chart Focus does not contain data from GDT Marketplace.

This edition of Chart Focus updates the September 2015 edition and includes up to date 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 March 2016.

http://www.globaldairytrade.info/en/product-results/download-historical-data/

http://www.globaldairytrade.info/en/product-results/download-historical-data/

mailto:help%40globaldairytrade.info?subject=GDT%20Chart%20Focus%20March%202016


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Growth trends

This chart details GDT Event’s growth over the last 4 years in annual quantity of product sold and number of approved bidders.

Qualified 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

BiddersSold Quantity (MT)

12 month sold quantity (LHS)

Refer to page 19 for data


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

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. Further information on the GDT Price Index is available at www.globaldairytrade.info/en/resources/gdt-price-index/



INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Sellers and buyers

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

NorthAsia 28%

South EastAsia &

Oceania 24%

Europe12%

Africa10%

MiddleEast 11%

South &Central

America 9%

North America

6%

GDT Sellers Participating bidders by regionApril 2015 - March 2016



INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

0

20,000

40,000

60,000

80,000

100,000

120,000

Quantity (MT)

Shipment profile

This chart shows the seasonal profile of product shipments for all products sold in GDT Trading Events from January 2012 until March 2016.



INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Distribution of sales

The left chart shows the distribution of sold quantity by product group for the 12 months to March 2016. The chart on the right shows percentage of product sold in each contract period (CP) for the 12 months to March 2016.

CP14%

CP241%

CP325%

CP416%

CP510%

CP64%

WMP50%

SMP23%

AMF11%

Butter8%

Cheddar4%

Other4%

Sold quantity by productApril 2015 - March 2016

* Other includes BMP, Lactose, MPC70, Rennet Casein and SWP *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 April 2015 - March 2016



1-50 MT

1-50 MT

64%

51-100 MT

51-100 MT

19%

16%

501 MT1%

23%

21%101-500 MT

46%

101-500 MT

501 MT10%

Distribution of transactions by size category

April 2015 – March 2016

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

Distribution of quantity purchased by size category

April 2015 - March 2016

Bidders’ purchase distributions

The left chart shows the number of transactions* by size category as a share of total transactions during the 12 months to March 2016. The right chart shows the quantity purchased by size category as a share of total purchases over the same period.

For instance, 1% of transactions were purchases of more than 500 MT. These transactions (i.e. over 500 MT) accounted for 10% of the total quantity purchased over this period.

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34



Participating bidders: AMF, SMP, WMP and Butter

This chart shows the number of bidders who actively bid on each product in at least one trading event over the calendar years 2012 - 2015.

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

0

50

100

150

200

250

300

AMF SMP WMP Butter

Number of Participating Bidders

2012 2013 2014 2015



This chart shows the number of bidders who actively bid on each product in at least one trading event over the calendar years 2012 - 2015.

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

0

10

20

30

40

50

60

70

80

BMP Lactose Cheddar RenCas


2012 2013 2014 2015


Participating bidders: BMP, Lactose, Cheddar and RenCas


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0

20,000

40,000

60,000

80,000

100,000

120,000

Bid RatioQuantity (MT) Quarterly Average Supply and Demand

Quarterly average offer quantity Quarterly average first round bidding demand Bid ratio

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34


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 bid ratio of two indicates that the total demand in the first round was twice the available supply.


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

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

Ratio of Eligibility to supply Quantity

Eligibility Supply Eligibility to Supply Ratio

Each seller determines which bidders can purchase their products by assigning eligibility (the maximum quantity they will sell to each bidder). Total eligibility represents the maximum quantity all bidders could purchase across all sellers. This chart shows total eligibility and total supply available to bidders averaged per quarter. The ratio of eligibility to supply indicates how much eligibility in metric tonnes is available per metric tonne of supply. E.g. an eligibility to supply ratio of 20 indicates that bidders could purchase 20 times the quantity on offer.

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


Bidder eligibility and total supply


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Refer to page 27 - 28 for data

Quantity sold per month: WMP, SMP, AMF and Butter

These charts show the quantities of WMP, SMP, AMF and Butter sold in the last 4 calendar years.

Please note, the quantity scales vary between each chart.

01,0002,0003,0004,0005,0006,0007,0008,000

Quantity (MT)

2012 2013 2014 2015 2016

010,00020,00030,00040,00050,00060,00070,00080,000

Quantity (MT)

2012 2013 2014 2015 2016

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2012 2013 2014 2015 2016

02,0004,0006,0008,000

10,00012,00014,000

Quantity (MT)

2012 2013 2014 2015 2016

WMP

AMF

SMP

Butter


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Refer to page 29 - 30 for data

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

These charts show the quantities of Cheddar, Lactose, BMP and RenCas sold in the last 4 calendar years.

Please note, the quantity scales vary between each chart. 0

1,0002,0003,0004,0005,0006,0007,000

Quantity (MT)

2012 2013 2014 2015 2016

0100200300400500600700

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,400

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,4001,6001,8002,000

Quantity (MT)

2012 2013 2014 2015 2016

Cheddar

BMP

Lactose

RenCas


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

1000

2000

3000

4000

5000

6000

7000

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13

Nov

-13

Jan-

14

Mar

-14

May

-14

Jul-1

4

Sep-

14

Nov

-14

Jan-

15

Mar

-15

May

-15

Jul-1

5

Sep-

15

Nov

-15

Jan-

16

Mar

-16

AMF SMP WMP

Average prices: AMF, SMP and WMP

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



INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Average prices: BMP, Butter, Cheddar and RenCas

The chart shows average BMP, Butter, Cheddar and Rennet Casein 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.

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Prices (USD/MT)

Butter BMP Cheddar RenCas



INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Average prices: SMP by region

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

1,000

2,000

3,000

4,000

5,000

6,000

7,000Prices (USD/MT)

EU Oceania US



INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Tables


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Month Number of qualified bidders

12 month sold quantity (MT) Month Number of

qualified bidders 12 month sold quantity (MT)

Jan-12 523 680,730 Jan-14 831 892,531 Feb-12 567 703,941 Feb-14 791 890,708 Mar-12 586 732,021 Mar-14 772 932,886 Apr-12 607 766,295 Apr-14 760 980,157 May-12 628 812,770 May-14 729 1,017,134 Jun-12 658 829,677 Jun-14 714 1,038,204 Jul-12 687 851,254 Jul-14 683 1,039,535 Aug-12 703 866,414 Aug-14 659 1,017,542 Sep-12 718 891,009 Sep-14 651 1,025,216 Oct-12 724 914,707 Oct-14 663 1,042,575 Nov-12 726 936,409 Nov-14 674 1,026,086 Dec-12 733 959,200 Dec-14 678 1,000,947 Jan-13 746 980,349 Jan-15 674 955,857 Feb-13 767 991,789 Feb-15 691 934,648 Mar-13 784 977,026 Mar-15 685 908,458 Apr-13 795 947,246 Apr-15 671 884,014 May-13 807 909,200 May-15 686 877,054 Jun-13 828 902,801 Jun-15 646 854,585 Jul-13 847 904,510 Jul-15 640 841,307 Aug-13 861 931,167 Aug-15 629 829,971 Sep-13 875 915,104 Sep-15 637 794,075Oct-13 887 891,483 Oct-15 637 762,498Nov-13 823 890,643 Nov-15 626 741,427Dec-13 827 890,759 Dec-15 613 719,810

Jan-16 616 767,411Feb-16 612 748,911Mar-16 607 697,888

Refer to page 3 for graph

Table 1 - Growth trends

Qualified 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

BiddersSold Quantity (MT)

12 month sold quantity (LHS)


Table 2 - GDT-Price Index INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34


DateGDT Price Index

DateGDT Price Index

DateGDT Price Index

DateGDT Price Index

DateGDT Price Index

DateGDT Price Index

DateGDT Price Index

Jan-00 515 Mar-03 596 May-06 705 Jul-09 573 Sep-11 1,033 Apr-13 1,549 Nov-14 771Feb-00 529 Apr-03 585 Jun-06 693 Aug-09 713 Sep-11 1,007 Apr-13 1,573 Nov-14 747Mar-00 526 May-03 575 Jul-06 704 Sep-09 883 Oct-11 994 May-13 1,437 Dec-14 739Apr-00 538 Jun-03 574 Aug-06 704 Oct-09 938 Oct-11 1,019 May-13 1,400 Dec-14 757May-00 546 Jul-03 571 Sep-06 713 Nov-09 1,065 Nov-11 1,000 Jun-13 1,325 Jan-15 784Jun-00 597 Aug-03 570 Oct-06 741 Dec-09 1,083 Nov-11 1,032 Jun-13 1,358 Jan-15 792Jul-00 643 Sep-03 585 Nov-06 829 Jan-10 1,025 Dec-11 1,068 Jul-13 1,368 Feb-15 866Aug-00 684 Oct-03 605 Dec-06 913 Feb-10 999 Dec-11 1,053 Jul-13 1,439 Feb-15 954Sep-00 683 Nov-03 605 Jan-07 954 Mar-10 1,000 Jan-12 1,041 Aug-13 1,405 Mar-15 965Oct-00 689 Dec-03 609 Feb-07 1,019 Apr-10 1,226 Jan-12 1,051 Aug-13 1,438 Mar-15 880Nov-00 694 Jan-04 616 Mar-07 1,080 May-10 1,218 Feb-12 1,036 Sep-13 1,422 Apr-15 785Dec-00 706 Feb-04 620 Apr-07 1,273 Jun-10 1,186 Feb-12 997 Sep-13 1,426 Apr-15 757Jan-01 707 Mar-04 625 May-07 1,358 Jul-10 1,020 Mar-12 993 Oct-13 1,460 May-15 730Feb-01 694 Apr-04 625 Jun-07 1,533 Aug-10 937 Mar-12 942 Oct-13 1,432 May-15 714Mar-01 687 May-04 653 Jul-07 1,648 Sep-10 1,092 Apr-12 948 Nov-13 1,406 Jun-15 683Apr-01 689 Jun-04 687 Aug-07 1,663 Sep-10 1,118 Apr-12 855 Nov-13 1,408 Jun-15 674May-01 693 Jul-04 707 Sep-07 1,650 Oct-10 1,104 May-12 820 Dec-13 1,463 Jul-15 634Jun-01 696 Aug-04 707 Oct-07 1,691 Oct-10 1,084 May-12 757 Dec-13 1,466 Jul-15 566Jul-01 697 Sep-04 707 Nov-07 1,661 Nov-10 1,087 Jun-12 857 Jan-14 1,455 Aug-15 514Aug-01 685 Oct-04 722 Dec-07 1,592 Nov-10 1,078 Jun-12 857 Jan-14 1,475 Aug-15 590Sep-01 677 Nov-04 747 Jan-08 1,489 Dec-10 1,099 Jul-12 805 Feb-14 1,482 Sep-15 654Oct-01 652 Dec-04 746 Feb-08 1,454 Dec-10 1,124 Jul-12 796 Feb-14 1,463 Sep-15 726Nov-01 617 Jan-05 751 Mar-08 1,459 Jan-11 1,188 Aug-12 819 Mar-14 1,404 Oct-15 837Dec-01 564 Feb-05 757 Apr-08 1,385 Jan-11 1,197 Aug-12 885 Mar-14 1,332 Oct-15 811Jan-02 531 Mar-05 756 May-08 1,372 Feb-11 1,277 Sep-12 942 Apr-14 1,213 Nov-15 751Feb-02 488 Apr-05 748 Jun-08 1,356 Feb-11 1,336 Sep-12 951 Apr-14 1,182 Nov-15 692Mar-02 453 May-05 744 Jul-08 1,369 Mar-11 1,419 Oct-12 950 May-14 1,169 Dec-15 717Apr-02 441 Jun-05 750 Aug-08 1,192 Mar-11 1,300 Oct-12 994 May-14 1,148 Dec-15 730May-02 428 Jul-05 762 Sep-08 1,024 Apr-11 1,251 Nov-12 994 Jun-14 1,099 Jan-16 718Jun-02 416 Aug-05 773 Oct-08 903 Apr-11 1,253 Nov-12 987 Jun-14 1,109 Jan-16 708Jul-02 411 Sep-05 775 Nov-08 801 May-11 1,227 Dec-12 966 Jul-14 1,055 Feb-16 656Aug-02 406 Oct-05 769 Dec-08 691 May-11 1,200 Dec-12 969 Jul-14 961 Feb-16 638Sep-02 426 Nov-05 762 Jan-09 631 Jun-11 1,220 Jan-13 985 Aug-14 880 Mar-16 646Oct-02 461 Dec-05 750 Feb-09 580 Jun-11 1,211 Jan-13 1,004 Aug-14 875 Mar-16 628Nov-02 499 Jan-06 733 Mar-09 681 Jul-11 1,146 Feb-13 1,047 Sep-14 822Dec-02 525 Feb-06 738 Apr-09 698 Jul-11 1,076 Feb-13 1,090 Sep-14 822Jan-03 570 Mar-06 728 May-09 670 Aug-11 1,054 Mar-13 1,215 Oct-14 762Feb-03 588 Apr-06 709 Jun-09 591 Aug-11 1,041 Mar-13 1,393 Oct-14 773


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34


North Asia 28%South East Asia & Oceania 24%Europe 12%Africa 10%Middle East 11%South & Central America 9%North America 6%

Table 3 - Participating bidders by region April 2015 – March 2016

NorthAsia 28%

South EastAsia &

Oceania 24%

Europe12%

Africa10%

MiddleEast 11%

South &Central

America 9%

North America

6%

GDT Sellers Participating bidders by regionApril 2015 - March 2016


Table 4 - Shipment profile

Date Quantity shipped during month Date Quantity shipped

during monthJan-12 80,840 Jul-14 68,011Feb-12 83,114 Aug-14 43,693Mar-12 73,501 Sep-14 57,766Apr-12 63,710 Oct-14 82,807May-12 57,705 Nov-14 108,713Jun-12 66,023 Dec-14 115,573Jul-12 70,440 Jan-15 104,014Aug-12 27,593 Feb-15 87,878Sep-12 48,990 Mar-15 77,353Apr-13 81,065 Apr-15 54,512May-13 54,429 May-15 45,609Jun-13 35,308 Jun-15 46,444Jul-13 26,435 Jul-15 55,746Aug-13 29,451 Aug-15 37,218Sep-13 59,460 Sep-15 50,531Oct-13 91,799 Oct-15 67,500Nov-13 104,543 Nov-15 76,811Dec-13 102,895 Dec-15 80,242Jan-14 110,407 Jan-16 78,615Feb-14 112,663 Feb-16 67,945Mar-14 96,173 Mar-16 54,867Apr-14 78,048May-14 78,021Jun-14 77,038

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34


0

20,000

40,000

60,000

80,000

100,000

120,000

Quantity (MT)


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34



Whole Milk Powder 50%Skim Milk Powder 23%Anhydrous Milkfat 11%Butter 8%Cheddar 4%Other* 4%

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

CP1* 4%CP2 41%CP3 25%CP4 16%CP5 10%CP6 4%

*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 5 - Sold quantities by product April 2015 – March 2016

Table 6 - Sold quantities by contract period April 2015 – March 2016

CP14%

CP241%

CP325%

CP416%

CP510%

CP64%

WMP50%

SMP23%

AMF11%

Butter8%

Cheddar4%

Other4%





CP14%

CP241%

CP325%

CP416%

CP510%

CP64%

WMP50%

SMP23%

AMF11%

Butter8%

Cheddar4%

Other4%






1-50 MT

1-50 MT

64%

51-100 MT

51-100 MT

19%

16%

501 MT1%

23%

21%101-500 MT

46%

101-500 MT

501 MT10%






1-50 MT

1-50 MT

64%

51-100 MT

51-100 MT

19%

16%

501 MT1%

23%

21%101-500 MT

46%

101-500 MT

501 MT10%






INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

1-50 MT 23%51-100 MT 21%101-500 MT 46%501+ MT 10%



1-50 MT 64%51-100 MT 19%101-500 MT 16%501+ MT 1%

Table 7 - Distribution of transactions by size category April 2015 - March 2016

Table 8 - Distribution of quantity purchased by size category April 2015 – March 2016


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34



Year BMP Lactose Cheddar RenCas2012 48 12 73 592013 52 3 51 492014 43 2 65 452015 48 29 65 50

Table 9 - Participating bidders: AMF, SMP, WMP and Butter

Table 10 - Participating bidders: BMP, Lactose, Cheddar and RenCas

Year AMF SMP WMP Butter2012 159 212 193 02013 166 248 197 952014 151 245 194 1052015 142 195 105 71

0

50

100

150

200

250

300

AMF SMP WMP Butter


2012 2013 2014 2015

0

10

20

30

40

50

60

70

80

BMP Lactose Cheddar RenCas


2012 2013 2014 2015


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0

20,000

40,000

60,000

80,000

100,000

120,000

Bid RatioQuantity (MT) Quarterly Average Supply and Demand

Quarterly average offer quantity Quarterly average first round bidding demand Bid ratio

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

Ratio of Eligibility to supply Quantity

Eligibility Supply Eligibility to Supply Ratio

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Date Quarterly average offer quantity

Quarterly average first round bidding demand Bid ratio

2012-Q1 29,816 66,909 2.22012-Q2 31,672 64,148 2.02012-Q3 47,491 97,727 2.12012-Q4 53,107 109,505 2.12013-Q1 32,981 102,219 3.12013-Q2 19,454 56,825 2.92013-Q3 49,607 110,641 2.22013-Q4 49,991 117,309 2.32014-Q1 40,206 102,673 2.62014-Q2 37,240 76,793 2.12014-Q3 48,622 78,435 1.62014-Q4 45,102 80,300 1.82015-Q1 26,977 68,767 2.52015-Q2 26,317 48,575 1.82015-Q3 37,606 74,168 2.02015-Q4 32,180 65,397 2.02016-Q1 24,472 47,309 1.9

Date Supply Eligibility Eligibility to Supply Ratio

2012- Q1 29,816 681,882 22.92012- Q2 31,672 678,706 21.42012- Q3 47,491 671,437 14.12012- Q4 53,107 738,691 13.92013- Q1 32,981 808,452 24.52013- Q2 19,454 884,445 45.52013- Q3 49,607 1,124,425 22.72013- Q4 49,991 1,572,424 31.52014- Q1 40,206 1,674,530 41.62014- Q2 37,240 1,358,262 36.52014- Q3 48,622 840,530 17.32014- Q4 45,102 818,250 18.12015- Q1 26,977 760,238 28.22015- Q2 26,317 720,630 27.42015- Q3 37,606 715,333 19.02015- Q4 32,180 822,722 25.62016- Q1 24,472 845,946 34.6

Table 12 - Bidder eligibility and total supply

Table 11 - Offer quantity and bidding demand




01,0002,0003,0004,0005,0006,0007,0008,000

Quantity (MT)

2012 2013 2014 2015 2016

010,00020,00030,00040,00050,00060,00070,00080,000

Quantity (MT)

2012 2013 2014 2015 2016

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2012 2013 2014 2015 2016

02,0004,0006,0008,000

10,00012,00014,000

Quantity (MT)

2012 2013 2014 2015 2016

WMP

AMF

SMP

Butter

01,0002,0003,0004,0005,0006,0007,0008,000

Quantity (MT)

2012 2013 2014 2015 2016

010,00020,00030,00040,00050,00060,00070,00080,000

Quantity (MT)

2012 2013 2014 2015 2016

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2012 2013 2014 2015 2016

02,0004,0006,0008,000

10,00012,00014,000

Quantity (MT)

2012 2013 2014 2015 2016

WMP

AMF

SMP

Butter

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

2012 2013 2014 2015 2016January 38,801 56,866 55,017 39,148 24,193February 38,039 42,842 37,324 28,061 24,926March 29,880 15,922 42,813 22,075 10,932April 35,187 9,829 39,131 26,160May 44,907 17,553 35,596 25,916June 30,776 26,105 34,593 24,062July 36,836 41,169 42,498 31,041August 51,547 75,027 56,356 45,026September 73,602 58,386 66,206 34,751October 68,907 47,894 64,696 33,327November 65,915 61,273 49,664 33,312December 65,304 64,535 47,018 27,825

Table 13 - Quantity sold per month: WMP

Table 14 - Quantity sold per month: SMP





01,0002,0003,0004,0005,0006,0007,0008,000

Quantity (MT)

2012 2013 2014 2015 2016

010,00020,00030,00040,00050,00060,00070,00080,000

Quantity (MT)

2012 2013 2014 2015 2016

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2012 2013 2014 2015 2016

02,0004,0006,0008,000

10,00012,00014,000

Quantity (MT)

2012 2013 2014 2015 2016

WMP

AMF

SMP

Butter

01,0002,0003,0004,0005,0006,0007,0008,000

Quantity (MT)

2012 2013 2014 2015 2016

010,00020,00030,00040,00050,00060,00070,00080,000

Quantity (MT)

2012 2013 2014 2015 2016

0

5,000

10,000

15,000

20,000

25,000

Quantity (MT)

2012 2013 2014 2015 2016

02,0004,0006,0008,000

10,00012,00014,000

Quantity (MT)

2012 2013 2014 2015 2016

WMP

AMF

SMP

Butter

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34



Table 16 - Quantity sold per month: Butter

Table 15 - Quantity sold per month: AMF


2012 2013 2014 2015 2016January 5,053 3,517 2,907February 1,793 4,422 3,084 2,901March 3,686 5,427 2,948 1,659April 3,360 6,324 3,559May 2,713 5,707 3,720June 3,419 4,147 4,800July 5,848 5,648 5,906August 5,065 5,683 6,193September 4,808 5,002 6,140October 6,557 5,111 5,988November 7,167 4,373 4,290December 6,320 3,862 3,087


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34



Table 18 - Quantity sold per month: Lactose

Table 17 - Quantity sold per month: Cheddar

2012 2013 2014 2015 2016January 2,959 4,290 3,060 4,267 2,324February 3,221 3,387 2,560 4,006 2,166March 4,027 2,291 2,426 3,012 1,024April 3,601 880 2,187 1,960May 3,380 300 1,408 1,315June 2,692 590 1,093 715July 3,558 1,764 2,340 2,470August 3,963 2,710 3,503 2,877September 5,418 3,453 3,835 3,136October 6,196 2,794 4,124 3,003November 4,820 2,931 4,616 2,656December 4,628 2,965 4,040 2,547

2012 2013 2014 2015 2016January 0 117 0 598February 18 100 0 592March 0 0 0 286April 419 0 100 299May 388 0 0 542June 251 0 0 590July 420 0 0 589August 201 0 50 534September 340 50 0 586October 50 37 0 600November 282 134 0 592December 0 150 0 600

01,0002,0003,0004,0005,0006,0007,000

Quantity (MT)

2012 2013 2014 2015 2016

0100200300400500600700

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,400

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,4001,6001,8002,000

Quantity (MT)

2012 2013 2014 2015 2016

Cheddar

BMP

Lactose

RenCas

01,0002,0003,0004,0005,0006,0007,000

Quantity (MT)

2012 2013 2014 2015 2016

0100200300400500600700

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,400

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,4001,6001,8002,000

Quantity (MT)

2012 2013 2014 2015 2016

Cheddar

BMP

Lactose

RenCas


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Table 20 - Quantity sold per month: RenCas

Table 19 - Quantity sold per month: BMP

2012 2013 2014 2015 2016January 700 384 606 531 421February 575 572 729 573March 575 499 722 314April 606 389 681May 695 589 888June 1,012 598 640 624July 1,088 750 868 696August 1,269 886 881 850September 1,276 753 914 900October 1,174 766 811 821November 497 761 693 675December 400 525 530 622

2012 2013 2014 2015 2016January 971 1,055 573 915 1,523February 1,199 1,071 409 673 1,541March 1,746 913 426 521 509April 793 225 447 479May 992 241 237 759June 858 464 289 759July 1,080 858 456 784August 1,144 1,091 1,123 764September 1,422 1,082 1,267 1,077October 1,755 1,109 1,383 1,237November 964 940 1,248 1,201December 1,050 662 1,071 1,277



01,0002,0003,0004,0005,0006,0007,000

Quantity (MT)

2012 2013 2014 2015 2016

0100200300400500600700

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,400

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,4001,6001,8002,000

Quantity (MT)

2012 2013 2014 2015 2016

Cheddar

BMP

Lactose

RenCas

01,0002,0003,0004,0005,0006,0007,000

Quantity (MT)

2012 2013 2014 2015 2016

0100200300400500600700

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,400

Quantity (MT)

2012 2013 2014 2015 2016

0200400600800

1,0001,2001,4001,6001,8002,000

Quantity (MT)

2012 2013 2014 2015 2016

Cheddar

BMP

Lactose

RenCas


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Table 21 - Average prices: AMF, SMP and WMP

Date AMF SMP WMP Date AMF SMP WMP Date AMF SMP WMP Date AMF SMP WMPJan-12 3,879 3,219 3,527 Feb-13 3,499 3,488 3,468 Mar-14 5,068 4,645 4,661 Apr-15 3,669 2,359 2,469Jan-12 4,054 3,300 3,517 Feb-13 3,631 3,536 3,639 Mar-14 4,551 4,606 4,383 Apr-15 3,748 2,169 2,415Feb-12 3,796 3,222 3,495 Mar-13 3,746 3,661 4,349 Apr-14 4,038 4,142 3,960 May-15 3,504 2,034 2,340Feb-12 3,406 3,180 3,386 Mar-13 4,392 3,930 5,313 Apr-14 4,068 3,955 3,913 May-15 3,335 1,969 2,335Mar-12 3,453 3,139 3,366 Apr-13 4,742 4,541 5,998 May-14 4,177 3,849 3,920 Jun-15 3,058 1,922 2,248Mar-12 3,148 3,062 3,316 Apr-13 5,024 4,504 6,283 May-14 4,259 3,660 3,796 Jun-15 2,777 1,927 2,335Apr-12 3,390 2,991 3,211 May-13 4,795 4,150 6,001 Jun-14 3,988 3,880 3,702 Jul-15 2,813 1,842 2,028Apr-12 3,170 2,787 2,766 May-13 4,762 4,231 6,151 Jun-14 3,826 3,859 3,715 Jul-15 1,653May-12 2,706 2,669 2,747 Jun-13 5,070 4,016 5,245 Jul-14 3,617 3,830 3,457 Aug-15 2,105 1,315May-12 2,392 2,542 2,488 Jun-13 5,332 4,178 4,989 Jul-14 3,198 3,481 3,090 Aug-15 2,736 1,498 1,814Jun-12 3,393 3,056 2,713 Jul-13 5,135 4,335 4,905 Aug-14 3,468 3,153 2,680 Sep-15 2,943 1,702 2,019Jun-12 3,139 2,841 2,933 Jul-13 5,309 4,410 5,372 Aug-14 3,583 2,806 2,755 Sep-15 3,402 1948Jul-12 2,673 2,604 2,736 Aug-13 4,704 4,389 5,037 Sep-14 3,311 2,521 2,628 Oct-15 3,679 2,239 2,799Jul-12 2,882 2,806 2,538 Aug-13 5,011 4,360 5,184 Sep-14 3,234 2,597 2,670 Oct-15 3,879 2,152 2,764Aug-12 2,892 2,799 2,667 Sep-13 5,041 4,344 5,063 Oct-14 2,987 2,512 2,448 Nov-15 3,683 1,990 2,440Aug-12 3,133 3,044 2,861 Sep-13 4,892 4,264 5,115 Oct-14 3,324 2,423 2,470 Nov-15 3,391 1,839 2,065Sep-12 3,408 3,195 2,960 Oct-13 5,062 4,437 5,266 Nov-14 3,253 2,380 2,480 Dec-15 3,505 1,886 2,175Sep-12 3,072 3,320 3,076 Oct-13 4,989 4,548 5,137 Nov-14 3,459 2,230 2,353 Dec-15 3,725 1,863 2,252Oct-12 2,894 3,332 3,203 Nov-13 5,345 4,570 4,875 Dec-14 3,794 2,364 2,168 Jan-16 3,653 1,878 2,186Oct-12 2,736 3,315 3,450 Nov-13 5,279 4,562 4,865 Dec-14 4,211 2,255 2,232 Jan-16 3,750 1,843 2,097Nov-12 2,965 3,457 3,363 Dec-13 5,384 4,748 5,006 Jan-15 4,509 2,327 2,267 Feb-16 3,478 1,833 1,910Nov-12 3,020 3,379 3,255 Dec-13 5,557 4,816 4,903 Jan-15 4,289 2,332 2,348 Feb-16 3,536 1,759 1,862Dec-12 3,127 3,384 3,170 Jan-14 5,520 4,748 4,909 Feb-15 4,038 2,568 2,864 Mar-16 3,238 1,827 1,968Dec-12 3,136 3,398 3,126 Jan-14 5,616 4,667 4,921 Feb-15 4,281 2,719 3,242 Mar-16 2,920 1,732 1,944Jan-13 3,120 3,568 3,190 Feb-14 5,499 4,716 4,981 Mar-15 4,246 2,910 3,239Jan-13 3,193 3,538 3,261 Feb-14 5,293 4,778 4,972 Mar-15 3,872 2,663 2,868


1000

2000

3000

4000

5000

6000

7000

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13

Nov

-13

Jan-

14

Mar

-14

May

-14

Jul-1

4

Sep-

14

Nov

-14

Jan-

15

Mar

-15

May

-15

Jul-1

5

Sep-

15

Nov

-15

Jan-

16

Mar

-16

AMF SMP WMP


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

Table 22 - Average prices: BMP, Butter, Cheddar and RenCas

Dat

e

BMP

Che

ddar

Ren

Cas

Dat

e

Butte

r

BMP

Che

ddar

Ren

Cas

Dat

e

Butte

r

BMP

Che

ddar

Ren

Cas

Dat

e

Butte

r

BMP

Che

ddar

Ren

Cas

Dat

e

Butte

r

BMP

Che

ddar

Ren

Cas

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-15 3,575 2,715 3,178 7,784 Jan-16 3,528 1,578 2,959 4,717

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 Jan-15 3,605 2,535 2,942 8,129 Jan-16 3,140 1,620 2,815 4,585

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-15 3,856 2,393 2,587 8,881 Feb-16 2,892 1,505 2,983 4,377

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 Feb-15 3,795 2,675 2,997 8,902 Feb-16 2,840 1,500 2,560 3,806

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-15 3,930 2,621 3,351 8,895 Mar-16 2,804 1,455 2,514 4,579

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 Mar-15 3,555 3,160 7,672 Mar-16 2,660 1,540 2,441 4,042

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-15 2,130 2,780 6,852

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 Apr-15 2,965 2,175 2,774 6,873

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-15 2,986 1,748 3,012 6,036

May-12 2,848 6,244 May-13 3,890 3,876 10,105 May-14 3,736 3,950 4,108 11,861 May-15 2,890 1,930 2,745 6,017

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-15 2,660 1,795 5,445

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 Jun-15 2,685 1,975 6,010

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-15 2,710 1,815 3,326 5,877

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 Jul-15 2,455 1,800 2,935 5,404

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-15 2,300 1,625 2,682 5,267

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 Aug-15 2,580 1,400 2,793 5,442

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-15 2,670 1,820 2,900 5,895

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 Sep-15 3,020 1,706 3,101 5,767

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-15 3,066 1,873 3,249 6,062

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 Oct-15 2,850 2,060 3,121 6,156

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-15 2,522 1,805 2,925 5,469

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 Nov-15 2,635 1,800 2,894 5,235

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-15 3,142 1,680 2,833 5,010

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 Dec-15 3,145 1,552 2,945 4,473


0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Prices (USD/MT)

Butter BMP Cheddar RenCas


Table 23 - Average prices: SMP by region

Date EU Oceania US Date EU Oceania US Date EU Oceania US Date EU Oceania USJan-12 3,288 3,034 Feb-13 3,458 3,718 3,328 Mar-14 4,508 4,896 4,384 Apr-15 2,022 2,726 Jan-12 3,430 3,005 Feb-13 3,452 3,734 3,409 Mar-14 4,425 4,820 4,390 Apr-15 1,978 2,227 Feb-12 3,409 2,931 Mar-13 3,377 4,018 3,448 Apr-14 4,093 4,153 4,169 May-15 1,959 2,072 Feb-12 3,328 2,831 Mar-13 3,568 4,495 3,535 Apr-14 3,918 3,943 4,000 May-15 1,972 1,967 Mar-12 3,295 2,761 Apr-13 3,990 6,219 3,836 May-14 3,869 3,841 3,850 Jun-15 1,928 1,921 Mar-12 3,167 2,791 Apr-13 4,485 5,661 4,183 May-14 3,753 3,599 3,943 Jun-15 1,893 1,937 Apr-12 2,706 3,115 2,744 May-13 4,014 5,125 3,967 Jun-14 3,837 3,836 4,023 Jul-15 1,842 Apr-12 2,608 2,824 2,650 May-13 3,840 5,353 3,866 Jun-14 3,917 3,768 3,974 Jul-15 1,653 May-12 2,500 2,706 2,521 Jun-13 4,070 4,312 3,884 Jul-14 3,880 3,772 3,912 Aug-15 1,314 May-12 2,460 2,572 2,409 Jun-13 4,085 4,589 3,951 Jul-14 3,596 3,437 3,850 Aug-15 1,840 1,483 Jun-12 2,559 3,569 2,658 Jul-13 4,153 4,760 4,106 Aug-14 3,057 3,189 3,650 Sep-15 1,702 Jun-12 2,725 3,009 2,737 Jul-13 4,272 4,891 4,126 Aug-14 2,933 2,792 Sep-15 1,958 1,945 Jul-12 2,600 2,572 2,676 Aug-13 4,391 4,696 4,176 Sep-14 2,718 2,444 Oct-15 2,006 2,323Jul-12 2,610 2,823 2,825 Aug-13 4,365 4,497 4,446 Sep-14 2,554 2,591 Oct-15 1,999 2,187Aug-12 2,940 2,743 2,928 Sep-13 4,340 4,501 4,205 Oct-14 2,461 2,527 Nov-15 1,955 1,991Aug-12 3,203 2,921 3,350 Sep-13 4,263 4,376 4,206 Oct-14 2,415 2,404 Nov-15 1,839Sep-12 3,465 3,115 3,670 Oct-13 4,185 4,620 4,346 Nov-14 2,176 2,403 Dec-15 1,869Sep-12 3,438 3,302 3,500 Oct-13 4,284 4,677 4,383 Nov-14 2,259 2,223 Dec-15 1,791 1,883Oct-12 3,410 3,290 3,573 Nov-13 4,384 4,811 4,249 Dec-14 2,228 2,407 Jan-16 1,878Oct-12 3,390 3,315 3,314 Nov-13 4,455 4,683 4,422 Dec-14 2,145 2,294 Jan-16 1,843Nov-12 3,370 3,459 3,482 Dec-13 4,618 4,983 4,602 Jan-15 2,086 2,447 Feb-16 1,833Nov-12 3,350 3,384 3,378 Dec-13 4,660 4,758 5,049 Jan-15 2,166 2,412 Feb-16 1,759Dec-12 3,400 3,442 3,262 Jan-14 4,604 5,088 4,611 Feb-15 2,542 2,547 Mar-16 1,827Dec-12 3,342 3,405 3,407 Jan-14 4,553 4,997 4,528 Feb-15 2,610 2,745 Mar-16 1,732Jan-13 3,397 3,612 3,587 Feb-14 4,559 5,084 4,505 Mar-15 2,460 2,922 Jan-13 3,520 3,605 3,473 Feb-14 4,646 5,147 4,434 Mar-15 2,150 3,186

INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34


1,000

2,000

3,000

4,000

5,000

6,000

7,000Prices (USD/MT)

EU Oceania US


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

The data contained in this document are provided subject to the Terms of Use (”Terms”) published on www.globaldairytrade.info as applicable to information materials provided or published on that site. By accessing, viewing, or downloading these data, you acknowledge the application of the terms.

Use of this information: All information published in this publication may be reproduced provided the user acknowledges GlobalDairyTrade as the source.

Disclaimer


INDEX PAGE

Growth Trends 3

GDT Price Index 4


Shipment Profile 6












Tables 18-33

Disclaimer 34

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