Fonterra has unveiled its second highest ever farmer payout, at $6.70 per kilo of milksolid, and says profits are up 12pc.

Fonterra says the earthquake has damaged some milking sheds, but all milk has been collected from its Canterbury suppliers.

Fonterra says it has set a new export record, sending 2.1 million tonnes of product to market for the first time in its nine-year history.

Dairy giant Fonterra is holding to a forecast payout potentially worth billions as international prices shows signs of strengthening later in the season.

Fonterra has announced it will not be changing its farmer payout forecast, saying world dairy prices should improve later this year.

The Govt is putting up $144.1m into two initiatives worth $321m over seven years to boost productivity and new products for the dairy and red meat sectors.

India says it will stockpile thousands of tonnes of dairy products it has bought from Fonterra.

Federated Farmers says fast, reliable broadband access is necessary if agri-business is to reach its productive potential. Simon Hendery reports.