October 7, 2025 • 4 mins
Fonterra’s Managing Director of Co-operative Affairs on last night’s Global Dairy Trade Auction.
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Episode Transcript
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Speaker 1 (00:00):
The latest GDT auction has taken place. Manager of Fonterra
Cooperative Affairs Matt Boulger today, Matt, how are you.
Speaker 2 (00:10):
I'm good, Hamish Hegan.
Speaker 1 (00:12):
Yeah, very good, thank you. Right where did we land
with this latest GDT auction?
Speaker 2 (00:17):
So auction overnight east of it came down, So the
overall oly indics came down one point six percent. A
few things up and down within the key one week
watch courses, homework, powder, and it was down two point
three percent across the wider option. Then we had a
few other things moving around, but are down three chedder
(00:37):
up almost one percent in AMF, up a bit over
one percent.
Speaker 1 (00:42):
Yeah, okay, So this comes one point six percent four
off the back of a zero point eight percent four
and a bigger one before. Is it a little rocky
or is this sort of just mirroring what happened about
twelve months ago at the same time if my memory
serves me.
Speaker 2 (00:53):
Right, Yeah, combination of both. So over the last three
options we've increase the volume. So you know, Fontier is
putting about forty thousand metric tons up each fortnite now
and so that that comes in and as we go
into peak, of course, that affects the volumes and more supply.
(01:16):
But on the other side, you need to be fair.
It's pretty rocky out there trade barrieres and so on.
The other thing to watch is that there is a
bit more milk coming out of Europe and the United States,
so we're watching that. So but look when we look
at the milk volume out of those big places like
Europe and the States, we look at New Zealand milk
being up a little bit, you know, we think, while
(01:36):
it's east backer, but it's a pretty reasonable result.
Speaker 1 (01:40):
So these are good times with the ten dollars plus payout,
and there seems to be a fair bit of optimism
that that will still be around or certainly you can
lock in close to that in terms of futures. But
still there's still you know, still enough, still enough. You know,
I don't know whether the red flags are there. They're
not exactly blowing and hurricane, but there's enough to be
(02:01):
weary of match.
Speaker 2 (02:03):
Yeah, I think that's a good way to put it.
That we've still got our midpoint at past forecast of
ten dollars. We've kept a wide range there of nine
dollars to eleven. You know, we open the season of
course with an eight dollars to eleven range signaling greater
downside risk than upside. And you know, as time has
gone through, we've up to the bottom of that range
(02:24):
from eight to nine, which is good. We'd be more
than a third contracted now, which is great. We're contracting
at good prices, and so the team out there are
cranking obviously farmer going through through spring, very busy time
team through the factories across the country, busy and out
of the sales teams there every day they're they're contracting
(02:44):
more of that book. So the further we get into
more confidence we have to be there. But no fear
to say there's still there's still a dollar up and
down range there which is still pretty wide and in
a fair way to go still in the season.
Speaker 1 (02:59):
Matt, don't want to put you on this plot mental
health Awareness week. What do you do if you don't
mind me asking for you know, just to relieve the
pressure on the top two inches. I mean, you obviously
grew up in sort of rurally king country kind of
part of the world. Is a sort of physical activity
at the top of your list.
Speaker 2 (03:15):
I wish I could give a better on on that
So I've got three youngest kids and I sort of
chase them around, and to be honest, the time to
get back with family and connect with them. You spend
a fair amount of time on the road. So just
came out of the back of school holidays, which and
you know, I missed, I missed a chunk of those
getting out with farmer meetings, which is which is fine.
But I think the time for me to connect and
(03:36):
with family and particularly getting outside, whether it's kids, sports
or you know, wife, and I think that's the great thing.
And mental health I think too. Just to shout out
to Rural Support Trust and fantastic work they do. You know,
we've been involved with them pretty closely in amazing organization.
We know that there's always lots of ups and downs,
particularly in rural life. So yeah, I think they do
(03:59):
it a fantastic Yeah.
Speaker 1 (04:01):
Oh that sounds that's brilliant. Matt. Make the time, take
the time, tack those boxes and but in a way
that you enjoy it and you feel the grass between
your toes, like and ice cream all that stuff. Matt Vulture,
thanks very much for joining us. Much appreciated here on
the country.
Speaker 2 (04:16):
Thank you much, Thank you
The latest GDT auction has taken place. Manager of Fonterra
Cooperative Affairs Matt Boulger today, Matt, how are you.
Speaker 2 (00:10):
I'm good, Hamish Hegan.
Speaker 1 (00:12):
Yeah, very good, thank you. Right where did we land
with this latest GDT auction?
Speaker 2 (00:17):
So auction overnight east of it came down, So the
overall oly indics came down one point six percent. A
few things up and down within the key one week
watch courses, homework, powder, and it was down two point
three percent across the wider option. Then we had a
few other things moving around, but are down three chedder
(00:37):
up almost one percent in AMF, up a bit over
one percent.
Speaker 1 (00:42):
Yeah, okay, So this comes one point six percent four
off the back of a zero point eight percent four
and a bigger one before. Is it a little rocky
or is this sort of just mirroring what happened about
twelve months ago at the same time if my memory
serves me.
Speaker 2 (00:53):
Right, Yeah, combination of both. So over the last three
options we've increase the volume. So you know, Fontier is
putting about forty thousand metric tons up each fortnite now
and so that that comes in and as we go
into peak, of course, that affects the volumes and more supply.
(01:16):
But on the other side, you need to be fair.
It's pretty rocky out there trade barrieres and so on.
The other thing to watch is that there is a
bit more milk coming out of Europe and the United States,
so we're watching that. So but look when we look
at the milk volume out of those big places like
Europe and the States, we look at New Zealand milk
being up a little bit, you know, we think, while
(01:36):
it's east backer, but it's a pretty reasonable result.
Speaker 1 (01:40):
So these are good times with the ten dollars plus payout,
and there seems to be a fair bit of optimism
that that will still be around or certainly you can
lock in close to that in terms of futures. But
still there's still you know, still enough, still enough. You know,
I don't know whether the red flags are there. They're
not exactly blowing and hurricane, but there's enough to be
(02:01):
weary of match.
Speaker 2 (02:03):
Yeah, I think that's a good way to put it.
That we've still got our midpoint at past forecast of
ten dollars. We've kept a wide range there of nine
dollars to eleven. You know, we open the season of
course with an eight dollars to eleven range signaling greater
downside risk than upside. And you know, as time has
gone through, we've up to the bottom of that range
(02:24):
from eight to nine, which is good. We'd be more
than a third contracted now, which is great. We're contracting
at good prices, and so the team out there are
cranking obviously farmer going through through spring, very busy time
team through the factories across the country, busy and out
of the sales teams there every day they're they're contracting
(02:44):
more of that book. So the further we get into
more confidence we have to be there. But no fear
to say there's still there's still a dollar up and
down range there which is still pretty wide and in
a fair way to go still in the season.
Speaker 1 (02:59):
Matt, don't want to put you on this plot mental
health Awareness week. What do you do if you don't
mind me asking for you know, just to relieve the
pressure on the top two inches. I mean, you obviously
grew up in sort of rurally king country kind of
part of the world. Is a sort of physical activity
at the top of your list.
Speaker 2 (03:15):
I wish I could give a better on on that
So I've got three youngest kids and I sort of
chase them around, and to be honest, the time to
get back with family and connect with them. You spend
a fair amount of time on the road. So just
came out of the back of school holidays, which and
you know, I missed, I missed a chunk of those
getting out with farmer meetings, which is which is fine.
But I think the time for me to connect and
(03:36):
with family and particularly getting outside, whether it's kids, sports
or you know, wife, and I think that's the great thing.
And mental health I think too. Just to shout out
to Rural Support Trust and fantastic work they do. You know,
we've been involved with them pretty closely in amazing organization.
We know that there's always lots of ups and downs,
particularly in rural life. So yeah, I think they do
(03:59):
it a fantastic Yeah.
Speaker 1 (04:01):
Oh that sounds that's brilliant. Matt. Make the time, take
the time, tack those boxes and but in a way
that you enjoy it and you feel the grass between
your toes, like and ice cream all that stuff. Matt Vulture,
thanks very much for joining us. Much appreciated here on
the country.
Speaker 2 (04:16):
Thank you much, Thank you
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