New Zealand is unique in that 95 percent of milk production is exported with Fonterra collecting a large proportion of the milk.

As a result, there is no ‘market price’ set through competition for supply.

Fonterra instead calculates a Farmgate Milk Price using independently approved methodology. This enables total returns to be allocated between payments for milk and returns on the share capital invested by farmer shareholders and unit holders in the Co-operative.

  Farmgate Milk Price  Forecast cash payout (milk price plus dividend) Forecast payout (milk price plus earnings) Press releases
Forecast Update 18 Sept 2020 $5.90 - $6.90 N/A N/A Available here
Forecast Update 1 Sept 2020 $5.90 - $6.90 N/A N/A Available here
Forecast Update 17 July 2020 $5.90 - $6.90 N/A N/A Available here
Opening Forecast 21 May 2020 $5.40 - $6.90 N/A N/A Available here
  Farmgate Milk Price  Forecast cash payout (milk price plus dividend) Forecast payout (milk price plus earnings) Press releases
Final Update 18 September 2020 $7.14 $7.19   Available here
Forecast Update 17 July 2020 $7.10 - $7.20 N/A N/A Available here
Forecast Update 21 May 2020 $7.10- $7.30 N/A Forecast normalised earnings per share range 15-25 cents Available here
Forecast Update 18 March 2020 $7.00-7.60 N/A Forecast normalised earnings per share range 15-25 cents Available here
Forecast Update 27 February 2020 $7.00 - $7.60 N/A Forecast normalised earnings per share range 15-25 cents Available here
Forecast Update 5 December 2019 $7.00 - $7.60 N/A Forecast earnings per share range 15-25 cents Available here
Forecast Update 22 October 2019 $6.55 - $7.55 N/A N/A Available here
Forecast Update 26 September 2019 $6.25 - $7.25 N/A Forecast earnings per share range 15-25 cents Available here
Forecast Update 3rd September 2019 $6.25 - 7.25 N/A N/A Available here
Opening Forecast 23 May 2019 $6.25 - $7.25 N/A N/A Available here
  Farmgate Milk Price  Forecast cash payout (milk price plus dividend) Forecast payout (milk price plus earnings) Press releases
Final Update 26 September 2019 $6.35     Available here
Forecast Update 23 May 2019 $6.30-$6.40   Forecast earnings per share 10-15 cents Available here
Forecast Update 20 March 2019 $6.30-$6.60   Forecast earnings per share 15-25 cents Available here
Forecast Update 28 February 2019 $6.30-$6.60   Forecast earnings per share 15-25 cents Available here
Forecast Update 6 December 2018 $6.00-$6.30   Forecast earnings per share 25-35 cents Available here
Forecast Update 10 October 2018 $6.25-$6.50     Available here
Forecast Update 13 September 2018 $6.75 N/A $7.00-$7.10 Available here
Forecast Update 31 August 2018 $6.75 N/A N/A Available here
Opening Forecast 24 May 2018
$7.00 N/A N/A Available here
  Farmgate Milk Price Forecast cash payout (milk price plus dividend) Forecast payout (milk price plus earnings) Press releases
Final Update 13 September 2018 $6.69 $6.79   Available here
Forecast Update 10 August 2018 $6.70 $6.80 $6.95-$7.00 Available here
Forecast Update 24 May 2018
$6.75
$6.90-$6.95 $7.00-$7.05
Available here
Forecast Update 21 March 2018 $6.55 $6.80-$6.90 NA Available here
Forecast Update 7 December 2017 $6.40 NA $6.75-$6.85 Available here
Forecast update 25 September 2017 $6.75 NA $7.20-$7.30 Available here
Forecast update 27 July 2017 $6.75 NA $7.20-$7.30 Available here
Opening forecast 24 May 2017 $6.50 NA NA Available here
  Farmgate Milk Price Forecast cash payout (milk price plus dividend) Forecast payout (milk price plus earnings) Press releases
Final update, 25 September 2017 $6.12 $6.52 - Available here
Forecast update, 24 May 2017 $6.15 $6.55 $6.60 - $6.70 Available here
Forecast update, 22 March 2017 $6.00 NA $6.45 - $6.55 Available here
Forecast update, 23 February 2017 $6.00 NA $6.50 - $6.60 Available here
Forecast update, 18 November 2016 $6.00 NA $6.50 - $6.60 Available here
Forecast update, 21 September 2016 $5.25 NA $5.75 - $5.85 Available here
Forecast update, 25 August 2016 $4.75 NA $5.25 - $5.35 Available here
Forecast update, 1 August 2016 $4.25 NA $4.75 -$4.85 Available here
Opening forecast 26 May 2016 $4.25 NA NA Available here
  Farmgate Milk Price Forecast cash payout (milk price plus dividend) Forecast payout (milk price plus earnings) Press releases
Forecast update, 8 March 2016 $3.90 NA $4.35 - $4.45 Available here
Forecast update, 28 January 2016 $4.15 NA $4.60 - $4.70 Available here
Forecast update, 10 December 2015 $4.60 NA $5.05 - $5.15 Available here
Forecast update, 16 November 2015 $4.60 NA $5.05 - $5.15 Available here
Forecast update, 24 September 2015 $4.60 NA $5.00 - $5.10 Available here
Forecast update, 7 August 2015 $3.85 NA $4.25 - $4.35 Available here
Opening forecast 28 May 2015 $5.25 NA NA Available here
  Farmgate Milk Price Forecast cash payout (milk price plus Dividend) Forecast payout (milk price plus earnings) Press releases
Forecast update, 28 May 2015 $4.40 $4.60 - $4.70 NA Available here
Forecast update, 30 April 2015 $4.50 $4.70 - 4.80 NA Available here
Forecast update, 25 March 2015 $4.70 $4.90 - $5.00 NA Available here
Forecast update, 10 December 2014 $4.70 $4.95 - $5.05 NA Available here
Forecast update, 24 September 2014 $5.30 $5.55 - $5.65 NA Available here
Forecast update, 29 July 2014 $6.00 $6.20 - $6.25 NA Available here
Opening forecast 28 May 2014 $7.00 NA NA Available here
  Farmgate Milk Price Forecast cash payout (milk price plus Dividend) Forecast Payout (Milk price plus earnings) Press Releases
Forecast update, 28 May 2014 $8.40 $8.50 NA Available here
Forecast update, 27 February 2014 $8.65 $8.75 NA Available here
Forecast update, 11 December 2013 $8.30 $8.40 NA Available here
Forecast update, 24 September 2013 $8.30 $8.62 NA Available here
Forecast update, 27 August 2013 $7.80 $8.12 NA Available here
Forecast update, 31 July 2013 $7.50 $7.82 NA Available here
Opening forecast 29 May 2013 $7.00 NA NA Available here
  Farmgate Milk Price Forecast cash payout (milk price plus dividend) Forecast payout (milk price plus earnings) Press releases
Forecast update, 29 May 2013 $5.80 $6.12 NA Available here
Forecast update, 27 March 2013 $5.80 $6.12 NA Available here
Forecast update, 27 February 2013 $5.50 NA $5.90 - $6.00 Available here
Forecast update, 10 December 2012 $5.50 NA $5.90 - $6.00 Available here
Forecast update, 28 August 2012 $5.25 NA $5.65 - $5.75 -
Opening forecast 22 May 2012 $5.50 NA $5.95 - $6.05 -
  Farmgate Milk Price Forecast cash payout (milk price plus dividend) Forecast payout (milk price plus earnings) Press releases
Forecast update, 22 May 2012 $6.05 NA $6.45 - $6.55 -
Forecast update, 12 March 2012 $6.35 NA $6.75 - $6.85 -
Forecast update, 13 December 2011 $6.50 NA $6.90 - $7.00 -
Forecast update, 2 September 2011 $6.75 NA $7.15 - $7.25 -
Opening forecast 24 May 2011 $6.75 NA $7.15 - $7.25 -

Useful links

Shares and units

As a co-operative, Fonterra requires supplying farmers to hold shares in proportion to the volumes of milk produced by each supplier each season...

Read more...

Industry regulations

Fonterra was formed by the amalgamation of New Zealand’s two largest dairy co-operatives – New Zealand Co-operative Dairy Company and Kiwi Co-operative Dairies...

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Milk Price methodology

The Farmgate Milk Price determines the amount paid for milk delivered to the farm gate by farmer shareholders...

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