This is a table of the New Zealand dairy payouts by each company.
The dairy season runs from August to April with May to July the 'dry off' period.
The seasonal milk peak flow is usually in late October.
Most farms milk twice daily, although there is a growing trend to once-a-day milking where output is slightly lower, but costs are reported to be significantly lower.
Milk flows are charted here.
Analysts' forecasts are at the bottom of this page.
Please email us with any additions or corrections.
| Fonterra | Tatua | Westland * |
Synlait | Open Country |
Miraka | Oceania Dairy* |
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| Controlled by | Co-operative | Co-operative | Yili | Listed** | Talleys | Māori trusts | Yili | |||
| $/kgMS | Milk | Dividend | Cash Total | Milk | Retention | Milk | Milk | Milk | Base | Milk |
| $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |
| 1998-99 | 3.58 | See Notes | ||||||||
| 1999-00 | 3.78 | |||||||||
| 2000-01 | 5.01 | 5.52 | ||||||||
| 2001-02 | 5.35 | |||||||||
| 2002-03 | 3.34 | 0.29 | 3.63 | |||||||
| 2003-04 | 3.97 | 0.28 | 4.25 | 4.39 | ||||||
| 2004-05 | 4.37 | 0.22 | 4.59 | 4.32 | ||||||
| 2005-06 | 3.85 | 0.25 | 4.10 | 4.59 | 3.90 | |||||
| 2006-07 | 3.87 | 0.59 | 4.46 | 4.10 | 4.72 | 4.22 | ||||
| 2007-08 | 7.59 | 0.07 | 7.66 | 8.00 | 7.99 | 7.38 | ||||
| 2008-09 | 4.75 | 0.45 | 5.20 | 5.38 | 4.58 | 5.03 | 4.93 | |||
| 2009-10 | 6.10 | 0.27 | 6.37 | 6.32 | 6.15 | 6.31 | 6.07 | |||
| 2010-11 | 7.60 | 0.30 | 7.90 | 8.10 | -0.58 | 7.70 | 7.76 | 7.56 | ||
| 2011-12 | 6.08 | 0.32 | 6.40 | 7.50 | -0.54 | 6.04 | 6.22 | 6.23 | 6.18 | |
| 2012-13 | 5.84 | 0.32 | 6.16 | 7.40 | -1.17 | 6.34 | 5.89 | 5.77 | 5.94 | |
| 2013-14 | 8.40 | 0.10 | 8.50 | 9.00 | -1.32 | 7.57 | 8.31 | 8.51 | 8.50 | |
| 2014-15 | 4.40 | 0.25 | 4.65 | 7.10 | -0.63 | 4.95 | 4.54 | 4.63 | 4.50 | 4.50 |
| 2015-16 | 3.90 | 0.40 | 4.30 | 6.41 | -0.11 | 3.62 | 4.02 | 3.97 | 4.00 | 4.50 |
| 2016-17 | 6.12 | 0.40 | 6.52 | 7.60 | -0.50 | 5.18 | 6.30 | 6.08 | 6.23 | 6.22 |
| 2017-18 | 6.69 | 0.10 | 6.79 | 8.62 | -0.52 | 6.12 | 6.78 | 6.77 | 6.80 | 6.84* |
| 2018-19 | 6.35 | 0.00 | 6.35 | 9.66 | -1.16 | 5.86 | 6.58 | 6.39 | 6.44 | 6.50* |
| 2019-20 | 7.14 | 0.05 | 7.19 | 9.96 | -1.26 | 6.75 | 7.30 | 7.27 | 7.14 | 7.30* |
| 2020-21 | 7.54 | 0.20 | 7.74 | 10.43 | -1.18 | 7.50 | 7.55 | 7.61 | 7.68 | 7.70* |
| 2021-22 | 9.30 | 0.20 | 9.50 | 11.30 | -1.35 | 9.40 | 9.30 | 9.45 | 9.45 | 9.45* |
| 2022-23 | 8.22 | 0.50 | 8.72 | 12.30 | -2.90 | 8.32 | 8.20 | 8.33 | 8.38 | 8.37 |
| 2023-24F | 7.83 | 0.55 | 8.38 | 12.20 | -1.70 | 7.93 | 7.83 | 7.89 | 8.00 | 7.98^ |
| 2024-25F | 9.00-10.00 | 9.60 | 9.00 | 9.17 | 9.65* | |||||
| * Oceania/Yili is on record saying they pay the Fonterra milk price, plus 15c. Westland/Yili promise +10c. ** ASX/NZX listed with major holdings by Bright Foods, A2 Milk and Mitsui ** This is the maximum possible price because it includes additional 'bonus and out of season add-ons'. Open Country pays in four in-season payments which creates a cash-flow advantage - the value varies from season to season and has been included in the above values. |
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Market shares
Chart sourced from Productivity Commission report.
for more perspectives, see
- Exchange rates
- Commodity prices
- Farm cost indexes
- Interest rate trends
- Rural credit aggregates
- Farms for sale
- Farm sales prices and activity
- International dairy prices
World dairy map - 2023 - Rabobank
Forecasts
Here is a summary of analysts' farmgate milk price forecasts for the current season (2024/25).
| Institution | Rural economist/source | Forecast $kgMS 2020/21 |
Forecast $kgMS 2021/22 |
Forecast $kgMS 2022/23 |
Forecast $kgMS 2023/24 |
when issued/ latest data |
Forecast $kgMS 2024/25 |
| Fonterra | Company statement | actual is $7.54 |
actual is $9.30 |
actual is $8.22 |
actual is $7.83 |
11-Nov-24 | $9.00-$10.00 $9.50 |
| ANZ | Susan Kilsby | $7.75 | $9.30 | $8.20 | $7.85 | 27-Aug-24 | $9.00 |
| ASB | Nathaniel Keall | $7.60 | $9.25 | $8.10 | $8.00 | 20-Nov-24 | $9.75 |
| BNZ | Doug Steel | $7.70 | $9.30 | $8.20 | $7.90 | 13 Nov-24 | $9.75 |
| Rabobank | Emma Higgins | $7.80 | $9.70 | $8.50 | $7.80 | 29-Aug-24 | $8.60 |
| Westpac | Kelly Eckhold | $7.55 | $9.30 | $8.20 | $7.90 | 20-Nov-24 | $10.00 |
| NZX | Milk price forecast | $9.24 | $8.31 | $7.68 | 7-Nov-24 | $9.59 |