Fonterra farmers have been tipped to go without a "retro" payment in July as the co-operative rebalances to reflect the fact higher amounts were paid early in the season when prices were more buoyant.
Miles Hurrell, group director of co-operative affairs, said extreme volatility in global milk prices had seen GlobalDairyTrade prices vary by 42 per cent since August last year.
"As a result, our milk price has been revised down during the season, meaning our farmers have been paid for a proportion of their milk at prices higher than the current forecast," Hurrell said.
"We have remained in touch with our farmers throughout the year to update them on market conditions.
"We appreciate this is a tough time for farmers and cashflows will be tight through winter, and will continue to keep them informed on the outlook and expectations for the remainder of the season."