Shareholders flooded Fonterra's buy-back offer for wet shares, requesting that it buy nearly $600 million worth.
The maximum Fonterra was prepared to buy was $475 million worth.
As a result, each farmer will be able to sell Fonterra just under 80% of the amount they wanted to sell.
Craigs Investment Partners head of private wealth research Mark Lister said it's a reasonably good outcome.
The response is a big contrast to the limited interest shown by farmers when the fund was launched late last year and Fonterra itself had to provide the bulk of the $525 million funding to start it.
Fonterra says the Supply Offer will not increase the current size of the Shareholders' Fund.
It will buy the units created by the latest offer and redeem them for Fonterra Shares, so that the total number of Units on issue remains the same.
