A free trade deal with the highly protected Indian economy could mean big things for New Zealand agriculture exporters.

Fonterra has raised about $270 million from its farmer shareholders.

Fonterra says around one third of its farmer shareholders have spent $270.7 million buying up new shares in the co-operative.

First it was baby formula - now it appears NZ-sourced Fonterra milk powder is also being sold online in China.

NZ supermarkets are rationing baby formula because of fears of a shortage caused by Chinese buyers selling it in bulk to parents back in their homeland.

The Government is keeping close watch on the "big dry" in many regions and will consider drought assistance if conditions worsen, Agriculture Minister David Carter says.

Fonterra's whole milkpowder prices have fallen at auction for the first time in six months.

The science going on at AgResearch's new farm at Tokanui may help New Zealand's dairy farms run in a more sustainable fashion.

That's it then - another year of spouting, pronouncing and sticking the occasional spanner in the works.

Fonterra says it has completed the acquisition of a Saudi Arabian milk company.

Fonterra is in talks to buy out its partner in the Saudi Arabian milk and cheese market, Saudi New Zealand Milk Products.

Hanover Finance shareholders have been urged to put aside the company's poor performance and any animoisty towards its directors when they vote on the Alllied Farmers deal.

Half of Fonterra's farmers are expected to buy the additional shares being offered by from today, says Federated Farmers.