Fonterra is holding its payout forecast for this season at its opening level, despite volatility in world dairy markets and foreign exchange rates.
It has confirmed a forecast payout for its 10,500 suppliers of $7.15 - $7.25.
That includes a milk price of $6.75 per kg of milk solids and a distributable profit of 40 to 50 cents per share.
Chairman Sir Henry van der Heyden says Fontera largely anticipated a recent fall in food commodity prices when it announced its opening forecast for he season.
At this stage, it sees no reason to alter the forecast, but will continue to monitor possible slowing global economic growth that might translate into weaker dairy demand.
Fonterra will announce its final payout for the previous season when it publishes its annual financial results later this month.
This year's forecast payout is $8 to $8.10. This comprises a milk price of $7.50 per kg and a profit payout of 50 to 60 cents per share.
Prices have fallen in the last four of Fonterra's on-line auctions, amid increased supply and easing demand.
But BNZ economist Doug Steel says the forecast is positive given the risk of a downgrade.
Despite the global uncertainty, Mr Steel says commodity and food prices are still at record levels.
