Fonterra is offering its farmer suppliers the chance to lock in some of their milk at a guaranteed price for the new season.
Farmers can apply now to supply between 10 and 75 percent of their estimated production at prices ranging from $4.85 a kilo of milk solids to $5.25, which is the opening forecast for the new season.
They will get another opportunity in December to lock in some more milk at a guaranteed price.
Fonterra is offering set prices for up to 60 million kilos of milk solids and it will decide farmers' allocations once applications close.
It is the third season that Fonterra has operated its guaranteed milk price scheme.
For the season just ended, fewer than 400 of its over 10,000 suppliers took up the opportunity.
Those that did, though, will be getting either $7 or $4.70 a kilo for some of their milk - well above the current forecast price for the season of $4.40.
The opposite happened in the previous season. The $7 guaranteed price was significantly below the record $8.40 final payout.