Fonterra's lowered this season's forecast milk payout following the recent drop in global dairy prices. 

The midpoint has dropped from $9.75 to $9.25 – well below the $9.70 payout currently forecast for last season. 

Prices at Global Dairy Trade auctions have fallen 11% since the opening forecast was announced in May. 

Fonterra CEO Richard Allen told Mike Hosking demand has been softer than anticipated, while production —globally and in New Zealand— has been very strong. 

He says overall demand is still there, it’s just not quite as strong as they thought it was going to be. 

LISTEN ABOVE 

Fonterra's lowered this season's forecast milk payout following the recent drop in global dairy prices.&nbsp;
The midpoint has dropped from $9.75 to $9.25 – well below the $9.70 payout currently forecast for last season.&nbsp;
Prices at Global Dairy Trade auctions have fallen 11% since the opening forecast was announced in May.&nbsp;
Fonterra CEO Richard Allen told Mike Hosking demand has been softer than anticipated, while production —globally and in New Zealand— has been very strong.&nbsp;
He says overall demand is still there, it’s just not quite as strong as they thought it was going to be.&nbsp;
LISTEN ABOVE&nbsp;

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more.

The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

Richard Allen: Fonterra CEO explains cuts to the 2026/27 Milk Price Forecast

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e96b035a-6a91-44e4-ba61-b4860163f7c9/transcript

Maybe India said it better than we did. 

But to be clear, here is what India says: the 5000 Kiwi visas as part of our FTA are about "mobility, not migration". 

Immigration and mobility of skilled manpower are two different issues altogether. 

Chief stirrer Winston Peters claims the Indians were not aware of the limits placed on temporary visas – it would appear he is wrong. 

Time will prove the other issue wrong, which is this petty, little scrap over the $20 billion investment. 

For a country who is famous for free trade, what a sad and sorry old tale it has been to watch the latest version unfold. 

It quite possibly is a reflection of the times in which we live, where a stand must be taken and the stand must be black or white, up or down, right or wrong. 

Nuance is no longer a currency. 

Even Chris Hipkins, who should be proud of the history of his own party's role in free trade, couldn’t help himself with his eyes-wide-open comments the day after the deal was signed. The deal he was dragged kicking and screaming into supporting, despite the fact anyone with their head screwed on really couldn’t object. 

Free trade, lest we forget, and some clearly have, is about good will. 

It's not a con and it's not a scam. You are not looking to get one over the person you have just done a deal with – you're on the same team. 

Having negotiated around your differences, in this case dairy, you want the best for each other. You want to grow and prosper. You are looking to the other side to help you out. 

Yet in the India FTA, like nothing I have seen before, a queue quickly formed full of people looking to pick holes, to make stories up, to confuse and misdirect, or to just be straight up and down racist. 

In a world where Trump in particular is trying to destabilise the order of business, you would have hoped this one sailed through and that it would've got a bit more patriotism behind it than it did. 

This as a nation is what we do. Free trade is our calling card. 

What a weird old thing – we have among us so many who would rather watch us, and possibly revel, in our failure. 

Maybe India said it better than we did.&nbsp;
But to be clear, here is what India says: the 5000 Kiwi visas as part of our FTA are about "mobility, not migration".&nbsp;
Immigration and mobility of skilled manpower are two different issues altogether.&nbsp;
Chief stirrer Winston Peters claims the Indians were not aware of the limits placed on temporary visas – it would appear he is wrong.&nbsp;
Time will prove the other issue wrong, which is this petty, little scrap over the $20 billion investment.&nbsp;
For a country who is famous for free trade, what a sad and sorry old tale it has been to watch the latest version unfold.&nbsp;
It quite possibly is a reflection of the times in which we live, where a stand must be taken and the stand must be black or white, up or down, right or wrong.&nbsp;
Nuance is no longer a currency.&nbsp;
Even Chris Hipkins, who should be proud of the history of his own party's role in free trade, couldn’t help himself with his eyes-wide-open comments the day after the deal was signed. The deal he was dragged kicking and screaming into supporting, despite the fact anyone with their head screwed on really couldn’t object.&nbsp;
Free trade, lest we forget, and some clearly have, is about good will.&nbsp;
It's not a con and it's not a scam. You are not looking to get one over the person you have just done a deal with – you're on the same team.&nbsp;
Having negotiated around your differences, in this case dairy, you want the best for each other. You want to grow and prosper. You are looking to the other side to help you out.&nbsp;
Yet in the India FTA, like nothing I have seen before, a queue quickly formed full of people looking to pick holes, to make stories up, to confuse and misdirect, or to just be straight up and down racist.&nbsp;
In a world where Trump in particular is trying to destabilise the order of business, you would have hoped this one sailed through and that it would've got a bit more patriotism behind it than it did.&nbsp;
This as a nation is what we do. Free trade is our calling card.&nbsp;
What a weird old thing – we have among us so many who would rather watch us, and possibly revel, in our failure.&nbsp;

Mike's Minute: Free trade is our calling card

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/bfe1eee2-176b-4805-b6e7-b48601784dcd/transcript

Sir Scott Dixon has revealed he sat on an IndyCar move for months before deciding to leave his long-time team. 

The six-time series champion will join rival Arrow McLaren for 2027 on a two-year deal, following a 25th campaign this year with Chip Ganassi. 

Dixon told Mike Hosking he's kept his current employers in the loop since first toying with a move last September. 

He says it was not an easy decision by any means, but it came down to his desire for something different.  

Dixon says he was drawn across by racing under the legacy of New Zealander Bruce McLaren. 

LISTEN ABOVE 

Sir Scott Dixon has revealed he sat on an IndyCar move for months before deciding to leave his long-time team.&nbsp;
The six-time series champion will join rival Arrow McLaren for 2027 on a two-year deal, following a 25th campaign this year with Chip Ganassi.&nbsp;
Dixon told Mike Hosking he's kept his current employers in the loop since first toying with a move last September.&nbsp;
He says it was not an easy decision by any means, but it came down to his desire for something different. &nbsp;
Dixon says he was drawn across by racing under the legacy of New Zealander Bruce McLaren.&nbsp;

LISTEN ABOVE&nbsp;

Scott Dixon: Kiwi IndyCar driver on his move from Chip Ganassi to Arrow McLaren

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/0983e76e-b976-4a29-88ba-b48601668899/transcript

On the Mike Hosking Breakfast Full Show Podcast for Tuesday 14th of July, it's a morning of knighthoods – Sir John Key looks at our state of economic play after yet another positive economic report for the country and responds to criticism of the India Free Trade Agreement.  

Sir Ian Mune pays tribute to the life and career of Sir Sam Neill after his passing at 78-years-old. 

Sir Scott Dixon explains why he moved to McLaren after 25 years at Chip Ganassi Racing, and why his passion hasn't waned despite his legendary status. 

Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. 

LISTEN ABOVE 

On the Mike Hosking Breakfast Full Show Podcast for Tuesday 14th of July, it's a morning of knighthoods – <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/john-key-former-prime-minister-responds-to-criticism-of-the-india-free-trade-agreement/">Sir John Key</a> looks at our state of economic play after yet another positive economic report for the country and responds to criticism of the India Free Trade Agreement. &nbsp;
<a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/sir-ian-mune-award-winning-actor-and-director-pays-tribute-to-the-late-sir-sam-neill/">Sir Ian Mune</a> pays tribute to the life and career of Sir Sam Neill after his passing at 78-years-old.&nbsp;
<a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/scott-dixon-kiwi-indycar-driver-on-his-move-from-chip-ganassi-to-arrow-mclaren/">Sir Scott Dixon</a> explains why he moved to McLaren after 25 years at Chip Ganassi Racing, and why his passion hasn't waned despite his legendary status.&nbsp;
Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.&nbsp;
LISTEN ABOVE&nbsp;

Full Show Podcast: 14 July 2026 

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/42f4d971-7fc5-4146-baa9-b486015d5f5f/transcript

Richard Allen: Fonterra CEO explains cuts to the 2026/27 Milk Price Forecast

In 1 playlist(s)

The Mike Hosking Breakfast

Social links

Follow podcast

Recent clips