The company announced after yesterday’s board meeting that the average weighted price would remain at $6 per kilogram milk solids. 

Managing director Gary Helou said market conditions for key dairy ingredients had not significantly changed since the last supplier update.

He said the outlook remained weak due to supply growth in major exporting countries, combined with softening demand by the leading importers, China and Russia. 

“As always, this forecast is subject to changes in external factors such as global dairy prices and the Australian dollar,” Mr Helou said.

Farmers usually receive a series of price increases as the season progresses, but Murray Goulburn and other major processors have not been able to deliver any step-ups this season.

The board re-appointed Philip Tracy as chairman and Ken Jones as deputy chairman for the next 12 months.