A milk price-cut reversal and a failed cheese joint venture funding proposal preceded Mr Kearney's departure and the return of John McLean as interim chief executive officer and managing director.

The company had lost farmers that annually would produce about 250-270 million litres, but Mr McLean said yesterday about 35 million litres had returned.

"There is another 20 million litres pending," he said.

Mr McLean said reclaiming suppliers was "a clawback" but the company had in its favour a three to four cents a litre advantage over competitors for April, May and June.

"For autumn calvers that means pretty big dollars."

WCB had lost about 130 suppliers up until Mr Mclean was appointed last week and 20 farmers had returned to supply milk to the company by yesterday.

"We're saying that we've got 100 million litres that people have said they are prepared to talk with us about.

"The biggest thing we've got to do is to try to retain some credibility and confidence," Mr McLean said.

The company was still looking at receiving about 800 million litres of milk next season, he said, but about 200 million litres was still outstanding as of yesterday.

"The bottom line is that 80 per cent of suppliers have stuck with us."

Mr McLean said the June price cut that left some farmers with a milk price of 12 cents a litre, before it was reversed last week, was the biggest factor in the loss of suppliers. Although over the year WCB's milk price would have been comparable to its major competitors despite the cut, he said.

About 18 of the farmers said WCB's contracts with some big suppliers was a factor in their departure. It was clear from supplier feedback that farmers were against milk contracts, Mr McLean said.

The demand for milk from south-west Victoria and south-east South Australia meant farmers would try different ways to maximise returns, he said. But every aspect of WCB's business was being reviewed, including milk contracts.

WCB shares finished up 7.46 per cent yesterday, closing at $2.16.