Each week The Front Page takes you behind the scenes of the biggest story from the New Zealand Herald and Newstalk ZB. Today it's the worrying financials of Fonterra, and what it means for our farmers. Hosted by Frances Cook.

Fonterra's numbers aren't looking good, with the dairy giant saying it expects a full-year loss of $675 million.

It's the second annual loss in a row, and comes when Federated Farmers surveys already show farmers are the most pessimistic they've been in a decade.

The co-op says it won't pay a dividend for the year to July 31 so that