BNZ economist Doug Steel says Fonterra's unchanged forecast payout to its dairy farm owners is disappointing given the recent uplift in global dairy prices.
Fonterra will pay between $5.90 - $6 per kg of milk solids for the current season, citing a slowdown in milk supply growth due to dry conditions in the North Island as the reason for not moving the price.
It will pay $5.50 per kilo and a dividend of between 40 to 50 cents.
Fonterra said global dairy prices remained relatively flat the last few months, though auction prices have risen 5% this month, and it's picking prices are likely to move higher in the second half of the season.
Mr Steel said there is still potential for a payout lift before the season's payments are finalised.
"Fonterra's kept it unchanged and I think if anything it's a touch disappointing given how much the global dairy trade auctions have been increasing over the last couple of months, those increases have outstripped the kiwi dollar."
But Mr Steel said the previous forecast in December included the expectation that those international prices would increase, so if there was going to be any increase it would have been small.
He said there is still some chance that the payout will lift before the season's payments are finalised in October.
