OPINION: Your old mate reckons Fonterra and its dairy farmer shareholders may well be all cock-a-hoop about the prospects of a near $8 payout this year and one north of $8 next year.

Dairy Global dairy spot markets, for the most part, have been stuck in neutral through May.

New Zealand red meat exports remained steady in April with a total of $863 million worth of meat and co-products exported to global markets.

Fonterra's small group of organic farmers are facing a drop in milk price after a record $10.26/kgMS payout last year.

Global food prices rose at their fastest monthly rate in more than a decade in May, the Food and Agriculture Organization of the United Nations (FAO) has reported.

New Zealand's strong wool sector is in the doldrums, with record low prices and little hope on the horizon.

Fonterra is sticking to normalised earnings guidance of 25-35 cents per share for this year.

Fonterra farmers will start the new season with strong cashflow, thanks to an opening forecast with a record midpoint of $8/kgMS.

International Sauvignon Blanc Day on 7 May saw 35 lifestyle social media influencers around the world invited to "Pour yourself a glass of New Zealand".

Good news for Fonterra farmers: the co-operative has announced an opening forecast farmgate milk price range for the 2021-22 season of $7.25 - $8.75/kgMS, with a midpoint of $8/kgMS.