Confidence among Fonterra farmers is holding after the co-operative confirmed its earnings guidance will land at the top of its forecast range.

John Stevenson, chair of the Fonterra Co-operative Council, says the season opened with a midpoint milk price of about $9.75 before auction falls prompted a 50-cent cut to the forecast. He says Global Dairy Trade prices have since stabilised.

Fonterra has confirmed earnings of 60 to 70 cents a share, due within two weeks.

“All the data that we have as a council is that optimism amongst our farmers is as strong as it’s ever been.”

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