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.