Tight credit conditions and concerns about environmental compliance are taking the shine off what is looking like another season of firm milk prices for dairy farmers.

Fonterra has forecast a wide range - its widest ever - of $6.25 to $7.25 per kg - for 2019/20, against $6.40/kg last season, but bank economists expect the price to gravitate towards the top and of that band and perhaps beyond.

Dairy NZ's latest estimate of breakeven is $5.95 per kg of milk solids.

The Reserve Bank, in its latest financial stability report, said breakeven for those farmers at the high end of