Hopes for a lift in Fonterra's forecast payout have been dashed.
The cooperative's just announced it will maintain its current estimate for this season at $4.70 per kilo of milk solids.
The cash payout range is between $4.95 and $5.05.
Fonterra chairman John Wilson says although dairy commodity prices have risen, the increase isn't enough to raise the forecast now.
There's still significant volatility in international commodity prices - New Zealand volumes are down, with the drought casting a shadow over milk production.
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