Scrutiny from farmers is expected next week when new chairman John Monaghan and recently appointed interim chief executive Miles Hurrell front Fonterra's 2017-18 annual results presentation.
While commodity price fluctuations were "part and parcel" of the reality of being a dairy farmer, grumblings about Fonterra's corporate performance have been growing, Westpac senior economist Anne Boniface said.
From an historical perspective, prices remained at relatively robust levels and, at $6.50, most farmers would be in positive cashflow territory.
However, Fonterra's downgrade to its 2018-19 milk price, combined with its earlier decision to reduce the milk price and dividend paid to farmers for the 2017-18 season, had been a hit to both revenues and sentiment in the sector, Ms Boniface said in Westpac's latest Agri Update.
The GDT price index now sat at its lowest level in almost two years. Whole milk powder prices, a key determinant of the farm- gate milk price, had fallen 13% since the start of the present dairy season.