Prices in the final Global Dairy Trade auction for the season have remained steady, with only a 0.2 per cent drop from the previous event.
Whole milk powder - which has the biggest influence on Fonterra's farmgate milk price - was also down 0.2 per cent to an average US$4123/MT, while skim milk powder - Fonterra's second biggest reference product - lifted 0.7 per cent to an average US $3447/MT.
Butter milk powder was not offered at this event and butter fell 2.2 per cent to an average US$4929/MT.
Cheddar rose 1 per cent to an average US$4321/MT.
Anhydrous milk fat eased 0.1 per cent to an average US$5730/MT, while lactose was up 1.6 per cent to an average US$1251/MT.
A total of 21,140/MT of product was sold to 169 successful bidders.
As of March 17, Fonterra's 2020/21 forecast farmgate milk price range remained the same at $7.30-$7.90 per kg.
The midpoint of the range, off which farmers are paid, stayed at $7.60 per kg.
The result was "a pretty stable event," and overall farmers would be pleased with the season, Fonterra chief executive Miles Hurrell said.
It had been a good year, despite being "a little bit sluggish at the beginning," Hurrell told The Country's Jamie Mackay.
A "significant price rise" in December/January had definitely had an impact, Hurrell said.
"It's come off a little bit since then...while we're still at these great levels, it has come off that high."
The effect on supply was "the other side of this equation," with the US being "pretty good," but Europe "a bit lacklustre," Hurrell said.
"You get to these sorts of prices [and] you generally see a response over the long term, so that's what we're watching from now on."
Hurrell wouldn't speculate on a rise in the midpoint forecast farmgate milk price range.
He suggested Mackay waited until Fonterra's Q3 earnings update, which was coming out next week.
"As they stand things are in pretty good shape, so watch this space in the next week or ten days."