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

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.

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

Farmer owners of the country's biggest company, Fonterra, have been asked to come up with the cash they forbid directors to go to the sharemarket for.

Fonterra's chairman 'totally disagrees' with any suggestion new 'dry shares' will soften up farmers for the idea of listing on the stock exchange.

Fonterra, New Zealand's biggest exporter, has unveiled its latest restructuring plan, which it promises will allow farmers to keep control of the co-operative.

Fonterra has ruled out a public listing of its shares as part of its proposed capital restructure.