Fonterra CEO Theo Spierings

Fonterra CEO Theo Spierings

Brendon O'Hagan/Bloomberg

Theo Spierings, chief executive officer of Fonterra Cooperative Group Ltd., center, favors a milk price that yields “solid” earnings before interest and tax, which is “normally when whole milk powder is in a bracket of $3,500 to $4,000” a metric ton, he said.