Last month, Fonterra settled on a $7.14/kgMS payout for the 2019/20 season, while the forecast for the current 2020/21 season remains unchanged in a $5.90 to $6.90 per kg band.
Fonterra chief executive Miles Hurrell told The Country's Jamie Mackay he was "really pleased" with the result, especially butter prices.
"Fat's been a bit soft actually to be fair for the last few events, so really nice to see that the demand has come back with a bit of vengeance actually," he said.
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There was a good product spread across global markets, including South East Asia and the Middle East, but China dominated, with "roughly 25 per cent of our milk going there," Hurrell said.
Financially, this year had been good to Fonterra, but Hurrell remained cautious about predicting this season's payout would "start with a seven".
"We'd have to see a lot change between now and the end of the season to get a seven … I think $6.40 is our midpoint so we're still sticking with that."
"A couple of the good events like we've seen last night will help but the exchange rate also plays a part so we'll need to watch that carefully of the next couple of months."
"As we sit here today, $6.40 midpoint, $6.90 upper end we still feel comfortable about that."
