Prices in Fonterra's latest online auction have fallen 8.2 per cent.

Specially trained staff from Fonterra have joined the recovery effort in Christchurch city centre.

The search is on for a new chief executive at Fonterra, with the announcement that Andrew Ferrier is stepping down from the job.

Fonterra is increasing its forecast payout for the current season by 60 cents per kilo of milksolids. This means an average payout of around $1 million to its farmers shareholders.

Agriculture Minister David Carter has ruled out government intervention to keep milk prices down, saying high international prices will benefit the New Zealand economy.

Prices in Fonterra's latest online auction have been pushed to record levels but recent volatility means picking the top of the cycle is proving tricky.

Freeze comes a day after the Government ordered a review of whether the local market was working well for consumers.

The price of milk powder rose to the highest level since Fonterra began its online auctions in July 2008 in last night's auction.

The Chinese company that sparked a fierce national debate last year about foreign investment in farming is ploughing ahead with plans to export millions of cartons of UHT milk from New Zealand to China.

The bid is all about getting control of the seed business.

Think it's all good down on the farm? Think again. Property values are plunging, and the crisis could yet hit the cities too, reports Karyn Scherer.

Janette Walker's farm was soaring in value and the bank was happy to lend - then everything changed.

World dairy prices have continued to surge in Fonterra's latest online global dairy auction, rising 7.2 per cent overnight.