Fonterra has held its forecast milk payment for this season at $4.25 per kilogram of milk solids.
It has also announced that forecast earnings for this season will be in the range of between 50 and 60 cents per share. Today was the first time Fonterra has offered guidance on this season's dividend.
The earnings would take the total available payout this season for shareholder farmers to between $4.75 and $4.85.
That is below Dairy New Zealand's estimated breakeven point of around $5.20.