The co-operative has been under pressure lately from both farmer suppliers and shareholders as it has cut its forecast payout, slashed staff and sold assets.
Commentators expect a strong profit announcement but that may not be enough to appease those disgruntled with the performance of one of the world's largest dairy producers.
BNZ senior economist Craig Ebert said yesterday Fonterra would have the opportunity tomorrow to say anything it liked about the dairy market, or any other subject, if it wanted.
‘‘But we'd be very surprised if it makes any further amendment to its 2015-16 milk price forecast.
After all, its downgrade to $3.90 occurred little over a week ago.''
Mr Ebert urged people to watch for any changes Fonterra might signal for the dividend and retained earnings.
While there was a lot of market scrutiny on the dairy conglomerate's operating performance and balance sheet, the general perception was at least it was on the ‘‘right side'' of the currently weak milk price market in being a manufacturer of end product and not a farmer supplying raw input.
Fonterra's last indication of the 2015-16 full-year dividend was in the range of 35c to 40c per share.
‘‘Listen out also for any other measures Fonterra might announce, designed to support farmer cash flow. Remember the interest-free loans it provided to farmers in the latter part of calendar 2015, as an example.''
ASB chief economist Nick Tuffley said Fonterra might also be considering other options for farmers such as a higher cash dividend or changes to the advance schedule.
In addition to having the potential to provide farmers with some cash flow relief, Fonterra's announcement was likely to have a material bearing on the direction for currently very low dairy sector confidence levels, he said.
Fonterra was not expected to issue its first forecast for next year's milk price until May, Mr Ebert said.
The BNZ forecast was $4.60 but it was dependent on a mild improvement in international dairy product prices over the coming 12 months or more.
