Carlene Dowie

The organisers of the Victorian Winter Fair are encouraging farmers to get involved in the event as a way to help lift their spirits in the face of the past tough 12 months.

Banks are still forecasting higher global milk prices for season 2019/20 but are warning that prices are close to hitting their peak.

Saputo has announced an opening milk price of $6.80 a kilogram milk solids and also announced a step up to finish the 2018-19 season at $6.15/kg MS.

Dairy advocacy groups have reacted differently to the Coles plan to buy milk directly from farmers - with one saying it was difficult to trust the intentions of the supermarket giant.

Opening milk price announcements for southern dairy farmers continue to soar to new heights with Australian Consolidated Milk opening at $7 a kilogram milk solids.

Saputo Dairy Australia is looking to milk brokers and processing milk for other companies to lift the volume of milk going through its factories, as it grapples with falling supply in Australia.

Big falls in cheese and butter prices saw the Global Dairy Trade price index to fall 3.4 per cent in Tuesday night's auction.

Fonterra has announced an opening milk price for season 2019-20 of $6.60/kg milk solids, continuing a trend of record prices.

Australian milk production continues to decline with double-digit drops recorded for the first four months of the year.

Fonterra has cut its forecast NZ 2018-19 farmgate milk price and announced a review of key parts of its global operation, including the closure of its Dennington, Vic, factory.