Any chance of an upgrade in Fonterra's farmer payout became more remote today after a big drop in world dairy prices.

Fonterra is in the process of transforming its Australian business, having taken a $108 million writedown of its yoghurt and dairy desserts assets across the Tasman in 2015.

Fonterra's Sri Lanka business has fully recovered after a 2013 food safety scare sparked public protests and forced the temporary closure of its operations there.

Fonterra said it had sold its 9 per cent stake in Australia's Bega Cheese, which it has held since 2013, for A$74 million.

The price for New Zealand's key dairy export, whole milk powder, may drop about 5 per cent at this week's GlobalDairyTrade auction amid lacklustre demand.

The New Zealand dollar is heading is largely unchanged against the greenback after the Federal Reserve's move to keep open a potential rate hike.

Fonterra said its milk production hit a seasonal high of 86.9 million litres on October 22 - down 3 per cent from last season's peak.

Tourism is edging closer to dairy as New Zealand's top export earner with a 17 per cent boost to nearly $12 billion in the past year.

A Waikato woman arrested over a suspected fraud involving visa applications for Filipinos seeking work in the dairy industry has appeared in court.

Westland Milk Products is reviewing its capital structure after profit soared on cheaper milk prices and increased sales of its value-add products.

The New Zealand dollar jumped to a three-month high against the euro on speculation the European Central Bank may ease monetary conditions further.

Fonterra's long-term credit rating has been cut by Fitch Ratings.

Fonterra's milk production is close to hitting its seasonal peak.

Farm prices are falling, but spring and a slow turnaround in the dairy industry is boosting morale.

US interests were the biggest foreign investors in New Zealand dairy land in 2013 and 2014, followed by China, according to a report by KPMG.

New Zealand consumer confidence rose for a second month after hitting a three-year low in August.

There's big trade news coming out of the EU.

Fonterra faces higher borrowing costs now its credit rating has been downgraded from "A" to "A minus".

Fonterra chairman John Wilson has hit back at attempts by former directors to trim the size of the board.

A businessman, 60, is alleged to have acted alone in blackmail scare that said infant formula would be poisoned.

Fonterra has named six candidates for its board at next month's election and pressure has emerged to reduce the number of directors.

Dairy farming was initially rated as one of the highest-risk industries during health and safety reforms before the Labour Minister, Michael Woodhouse, intervened and changed the criteria, documents show.