The results of Fonterra's latest auction suggest there was no detectable impact on the premium its products command as a result of the botulism scare.
Prices in the global dairy auction fell 1.1% to an average selling price of $US4891 per metric tonne but, this time last year, the average selling price was $US3174.
Bank of New Zealand economist Doug Steel said because the New Zealand dollar was weaker, prices in New Zealand dollars were actually higher, and there was no evidence of the botulism scare having any impact.
He said there have been no detectable signs of any change in the dairy markets as a result of the botulism scare and prices have gone sideways since then.
Mr Steel says Fonterra's price premiums were down a little bit since the scare, but it's within the usual variation from auction to auction.
"And in this particular auction some premiums went up and some went down and moreover Fonterra's price premiums are higher than a year ago."