Fonterra's share price fell to its lowest level yesterday, following the further price drop in the latest global dairy trade auction, but has risen slightly again this morning.
The shares, which only Fonterra farmer shareholders can buy or sell, dropped to $5.11, but rose to $5.13 by midday today.
When the co-operative launched its Trading Amongst Farmers scheme in November 2012, the price was $6.64.
The co-operative shares were trading at $6, ahead of Fonterra releasing its interim financial results last month, but the price tumbled after the company announced a reduction in its forecast dividend.
Since late March the shares have continued to slide in value: in the past week alone, Fonterra shares have dropped by 13 percent.
The share price in the separate fund that outsiders use to invest in Fonterra dividends has risen to $5.15 today, after falling to $5.10 yesterday.