Because Fonterra purchases such a large proportion of New Zealand’s total milk, there is no market price for milk that is independent of the price paid by Fonterra.
As a result, since its formation in 2001, Fonterra has calculated a Farmgate Milk Price that enables total returns to be allocated between payments for milk and returns on the capital invested by Fonterra farmer shareholders and by unit holders in the Fonterra Shareholders’ Fund.
Farmgate Milk Price Forecast & Payout
Current season 2024/2025
| Farmgate Milk Price per kgMS |
Forecast Earnings | Press releases | |
| Forecast Update 5 December 2024 | $9.50 - $10.50 | No Change | Available here |
| Forecast Update 11 November 2024 | $9.00 - $10.00 | No Change | Available here |
| Forecast Update 25 September 2024 | $8.25 - $9.75 | Forecast continuing operations earnings per share: 40 - 60 cents | Available here |
| Forecast Update 23 August 2024 | $7.75 - $9.25 | No Change | Available here |
| Opening Forecast 29 May 2024 | $7.25 - $8.75 | No Change | Available here |
2023/2024
| Farmgate Milk Price per kgMS |
Forecast Earnings | Press releases | |
| Final Update 25 September 2024 | $7.83 | 67 cents earnings per share | Available here |
| Forecast Update 29 May 2024 | $7.70 - $7.90 | Forecast continuing operations earnings per share: 60-70 cents | Available here |
| Forecast Update 21 March 2024 | $7.50 - $8.10 | No Change | Available here |
| Forecast Update 12 February 2024 | $7.30 - $8.30 | No Change | Available here |
| Forecast Update 7 December 2023 | $7.00 - $8.00 | Forecast continuing operations earnings per share: 50 - 65 cents | Available here |
| Forecast Update 9 October 2023 | $6.50 - $8.00 | No Change | Available here |
| Forecast Update 21 September 2023 | No Change | Forecast continuing operations earnings per share: 45-60 cents | Available here |
| Forecast Update 18 August 2023 | $6.00 - $7.50 | No Change | Available here |
| Forecast Update 4 August 2023 | $6.25 - $7.75 | No change | Available here |
| Opening Forecast 25 May 2023 | $7.25 - $8.75 | N/A | Available here |
2022/2023 Season
| Farmgate Milk Price per kgMS |
Forecast Earnings | Press releases | |
| Final Update 21 September 2023 | $8.22 | 80 cents earnings per share | Available here |
| Forecast Update 11 August 2023 | No change | Expected to be at top end of 65-80 cents forecast earnings per share range | Available here |
| Forecast Update 25 May 2023 | $8.10 - $8.30 | Forecast earnings per share range: 65-80 cents | Available here |
| Forecast Update 3 April 2023 | $8.00 - $8.60 | No change | Available here |
| Forecast Update 16 March 2023 | No change | Forecast earnings per share range: 55-75 cents | Available here |
| Forecast Update 24 February 2023 | $8.20 - $8.80 | No change | Available here |
| Forecast Update 8 December 2022 | $8.50 - $9.50 | Forecast earnings per share range: 50-70 cents | Available here |
| Forecast Update 9 September 2022 | No change | Forecast earnings per share range: 45-60 cents | Available here |
| Forecast Update 26 August 2022 | $8.50 - $10.00 | No change | Available here |
| Forecast Update 23 June 2022 | $8.75 - $10.25 | Forecast earnings per share range: 30-45 cents | Available here |
| Opening Forecast 26 May 2022 | $8.25 - $9.75 | N/A | Available here |
2021/2022 Season
| Farmgate Milk Price per kgMS |
Forecast Earnings | Press releases | |
| Final Update 22 September 2022 | $9.30 | 35 cents earnings per share | Available here |
| Forecast Update 26 May 2022 | $9.10 - $9.50 | Forecast earnings per share range 25-35 cents | Available here |
| Forecast Update 9 May 2022 | $9.10 - $9.50 | N/A | Available here |
| Forecast Update 24 February 2022 | $9.30 - $9.90 | Forecast earnings per share range 25-35 cents | Available here |
| Forecast Update 25 January 2022 | $8.90 - $9.50 | Forecast earnings per share range: 25-35 cents | Available here |
| Forecast Update 3 December 2021 | $8.40 -$9.00 | Forecast earnings per share range: 25-35 cents | Available here |
| Forecast Update 26 October 2021 | $7.90 - $8.90 | Forecast earnings per share range: 25-40 cents | Available here |
| Forecast Update 23 September 2021 | $ 7.25 - $8.75 | Forecast earnings per share range: 25-40 cents | Available here |
| Opening Forecast 26 May 2021 | $ 7.25- $8.75 | N/A | Available here |
2020/2021 Season
| Farmgate Milk Price per kgMS |
Forecast cash payout (milk price plus dividend) |
Forecast payout (milk price plus earnings) |
Press releases | |
| Final Update 23 September 2021 | $7.54 | $7.74 | Available here | |
| Forecast Update 26 May 2021 | $7.45 - $7.65 | N/A | Forecast earnings per share range: 25-35 cents | Available here |
| Forecast Update 17 Mar 2021 | $7.30 - $7.90 | N/A | Forecast earnings per share range: 25-35 cents | Available here |
| Forecast Update 5 Mar 2021 | $7.30 - $7.90 | N/A | N/A | Available here |
| Forecast Update 3 Feb 2021 | $6.90 - $7.50 | N/A | N/A | Available here |
| Forecast Update 4 Dec 2020 | $6.70 - $7.30 | N/A | Forecast earnings per share range: 20-35 cents | Available here |
| Forecast Update 15 Oct 2020 | $6.30 - $7.30 | N/A | Available here | |
| Forecast Update 18 Sept 2020 | $5.90 - $6.90 | N/A | Forecast earnings per share range: 20-35 cents | 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 |
2019/2020 Season
| Farmgate Milk Price per kgMS |
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 |
2018/2019 Season
| Farmgate Milk Price per kgMS |
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 | $7.00-$7.10 | Available here |
| Forecast Update 31 August 2018 | $6.75 | N/A | Available here |
| Opening Forecast 24 May 2018 |
$7.00 | N/A | Available here |
2017/2018 Season
| Farmgate Milk Price per kgMS |
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 |
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