Dairy industry payout history
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* | |
| Controlled by | Co-operative | Co-operative | Yili | Listed** | Talleys | Māori trusts | Yili |
| $/kgMS | Milk | Milk | Milk | Milk | Milk | Base | Milk |
| $ | $ | $ | $ | $ | $ | $ | |
| 1998-99 | See Notes | ||||||
| 1999-00 | |||||||
| 2000-01 | 5.52 | ||||||
| 2001-02 | |||||||
| 2002-03 | 3.34 | ||||||
| 2003-04 | 3.97 | 4.39 | |||||
| 2004-05 | 4.37 | 4.32 | |||||
| 2005-06 | 3.85 | 4.59 | 3.90 | ||||
| 2006-07 | 3.87 | 4.10 | 4.72 | 4.22 | |||
| 2007-08 | 7.59 | 8.00 | 7.99 | 7.38 | |||
| 2008-09 | 4.75 | 5.38 | 4.58 | 5.03 | 4.93 | ||
| 2009-10 | 6.10 | 6.32 | 6.15 | 6.31 | 6.07 | ||
| 2010-11 | 7.60 | 7.52 | 7.70 | 7.76 | 7.56 | ||
| 2011-12 | 6.08 | 6.96 | 6.04 | 6.22 | 6.23 | 6.18 | |
| 2012-13 | 5.84 | 6.23 | 6.34 | 5.89 | 5.77 | 5.94 | |
| 2013-14 | 8.40 | 7.68 | 7.57 | 8.31 | 8.51 | 8.50 | |
| 2014-15 | 4.40 | 6.47 | 4.95 | 4.54 | 4.63 | 4.50 | 4.50 |
| 2015-16 | 3.90 | 6.30 | 3.62 | 4.02 | 3.97 | 4.00 | 4.50 |
| 2016-17 | 6.12 | 7.10 | 5.18 | 6.30 | 6.08 | 6.23 | 6.22 |
| 2017-18 | 6.69 | 8.10 | 6.12 | 6.78 | 6.77 | 6.80 | 6.84* |
| 2018-19 | 6.35 | 8.50 | 5.86 | 6.58 | 6.39 | 6.44 | 6.50* |
| 2019-20 | 7.14 | 8.70 | 6.75 | 7.30 | 7.27 | 7.14 | 7.30* |
| 2020-21 | 7.54 | 9.25 | 7.50 | 7.55 | 7.61 | 7.68 | 7.70* |
| 2021-22 | 9.30 | 11.30 | 9.40 | 9.30 | 9.45 | 9.45 | 9.45* |
| 2022-23 | 8.22 | 12.30 | 8.32 | 8.20 | 8.33 | 8.38 | 8.37 |
| 2023-24 | 7.83 | 10.50 | 7.93 | 7.83 | 7.89 | 8.00 | 7.98^ |
| 2024-25 | 10.16 | 12.30 | 10.26 | 10.16 | 10.20E | 10.33 | 10.31* |
| 2025-26F | 9.69 | 9.60-10.00 9.80 | 9.80 | 9.70 | 9.75E | 9.80* | |
| 2026-27F | 8.50-10.50 9.50 | 9.60 | 9.50 | 9.60* | |||
| * Oceania/Yili is on record saying they pay the Fonterra milk price, plus 15c. Westland/Yili promise +10c. ** Miraka is no longer independent, now part of Talleys/OCD ** Synlait will pay Fonterra milk place +10c for the following three seasons, with additional incentives for specialty milk and best practice on top. 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. Both Fonterra and Tatua payouts require investment in shares. | |||||||
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 - 2026 - Rabobank
Forecasts
Here is a summary of analysts' farmgate cash milk price forecasts for the current season (2025/26) and the upcoming 2026/27 season.
| Institution | Rural economist/source | $kgMS 2022/23 | $kgMS 2023/24 | $kgMS 2024/25 | Forecast $kgMS 2025/26 | when issued/ latest data | Forecast $kgMS 2026/27 |
| Fonterra | Company statement | actual is $8.22 | actual is $7.83 | actual is $10.16 | $9.60-$9.80 $9.70 | 21-Sep-26 | $8.50-$10.50 $9.50 |
| ANZ | Matt Dilly | $8.20 | $7.85 | $10.00 | |||
| ASB | Chris Tennent-Brown | $8.10 | $8.00 | $10.25 |
| ||
| BNZ | Doug Steel | $8.20 | $7.90 | $10.00 | |||
| Rabobank | Emma Higgins | $8.50 | $7.80 | $10.00 | |||
| Westpac | Paul Clark | $8.20 | $7.90 | $10.30 | |||
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| NZX | Milk price forecast | $8.31 | $7.68 | $10.41 |