The New Zealand Stock Exchange and Massey University have developed two new tools to help farmers get a better handle on milk production and farmgate milk prices.

A Milk Production Predictor and a Farmgate Milk Price Calculator are designed to help farmers to better understand the relationship between GlobalDairyTrade prices and their milk solids payout.

NZX chief executive Tim Bennett says both tools represent a step-change in dairy forecasting and it will create more transparency.

He says good information is valuable for the dairy sector.