2025/26 milk price manual
We reviewed Fonterra’s milk price manual for the 2025/26 season and published our final report on 15 December 2025.
The manual is the specific methodology Fonterra uses to calculate its base milk price – the amount farmers receive from Fonterra for each kilogram of milk solids each dairy season. We undertake a review of the manual for each season. This review assesses whether the manual is consistent with the purposes of the milk price monitoring regime as set out in the Dairy Industry Restructuring Act (DIRA).