Which currencies are hedged is determined by the structure of export markets and therefore differs by type of meat: beef is primarily sold in USD, based on the grinder beef price on the North American market; lamb is marketed in EUR, GBP and USD under various quota systems, while venison is marketed largely in euros. Fonterra co-operative is the dominant player in the dairy industry with a global market reach, selling in 50 currencies. It is a sophisticated risk manager in foreign exchange and funding and interest rate hedging.