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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  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 6.45 6.50*
2019-20 7.14 0.05 7.19 9.96 -1.26 6.75 7.30 7.27 7.15 7.30*
2020-21 7.54 0.20 7.74 10.43 -1.18 7.50 7.55 7.61 7.75 7.70*
2021-22 9.30 0.20 9.50 11.30 -1.35 9.40 9.30 9.45 9.50 9.45*
2022-23 8.22 0.50 8.72 12.30 -2.90 8.32 8.20 8.33   8.37
2023-24 7.30-8.30         7.35 7.25     7.45
* 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.

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 (2022/23). 

Institution Rural economist/source Forecast $kgMS
2020/21
Forecast $kgMS
2021/22
Forecast $kgMS
2022/23
when issued/
latest data
Forecast $kgMS
2023/24
Forecast $kgMS
2024/25
               
Fonterra Company statement actual is $7.54 actual is $9.30 actual is $8.22 12-Feb-24 $7.30-$8.30
$7.80
 
               
ANZ Susan Kilsby $7.75 $9.30 $8.20 22-Feb-24 $7.85 $8.50
ASB Nathaniel Keall $7.60 $9.25 $8.10 08-Feb-24 $8.00  
BNZ Doug Steel $7.70 $9.30 $8.20 09 Feb-24 $7.90  
Rabobank Emma Higgins $7.80 $9.70 $8.50 11-Mar-24 $7.80  
Westpac Kelly Eckhold $7.55 $9.30 $8.20 21-Feb-24 $7.90 $8.40
               
NZX Milk price forecast   $9.24 $8.31 7-Mar-24 $7.68