Fonterra is considering lifting its Farmgate Milk Price, following the latest surge in global dairy prices.
Prices rose 15-percent at yesterday's global dairy trade auction, with the all-important whole milk powder price up a staggering 21-percent.
Fonterra won't announce any changes to its farmgate price until next week.
But chief executive Miles Hurrell told Mike Hosking the result is positive, and there's no sign of one-off stockpiling.
"I'm confident of underlying demand from China. It's Chinese New Year, so they will be stocking their supplies chain as well. "