The price of milk powder climbing to a 13-month high in Fonterra's latest online auction.

Rising dairy prices continue to underpin gains in the ANZ Commodity Price Index, which has recorded its seventh straight monthly gain last month.

Fonterra is being asked to adopt a formal profits distribution policy so farmers being asked to invest cash know what payoff they are likely to get.

A Fonterra executive paid $3.7m when he left the dairy giant this year, was said to have been the fall guy for the disastrous investment in China's San Lu milk company.

A departing Fonterra executive has pipped CEO Andrew Ferrier's take-home salary, receiving total payments of up to $3.72 million.

Fonterra's highest-paid employee - likely to be chief executive Andrew Ferrier - appears to have taken a pay cut of up to $360,000.

Fonterra chairman Sir Henry van der Heyden says the dairy co-operative will step up investment within Asia because of the Malaysian free trade deal.

Fonterra farmers keen to get an early start on share trading will have to wait a while yet.

Greenpeace protesters have been arrested in New Plymouth this morning, after vandalising a ship.

Bidding in Fonterra's latest monthly online auction of whole milkpowder early today saw a lift in prices.

Inspectors have begun urgent checks on the welfare of livestock at farms owned by the Crafar family, amid concerns that publicity over alleged cruelty could harm New Zealand's reputation.

Agriculture Minister David Carter says 'dirty dairy farmer' Allan Crafar could do huge damage to New Zealand's reputation.

Fonterra says it won't hesitate to take action, "including refusal to collect milk" if deliberate animal mistreatment is proven.

New Zealand's biggest privately held dairying operation allowed dozens of calves to slowly dehydrate to death.

Don't expect dairy farmers to be hitting the tractor stores or real estate offices anytime soon, despite the upgrade in their payout.