The price represents a 10c/kg increase in butterfat and 20c/kg increase in protein.
It is a 2.2 per cent increase on its opening price of $6.80/kg MS.
In a letter to suppliers, the company pointed to a well-balanced global dairy market, a favourable Australian dollar and the likelihood that global supply would remain tight as key factors for the increase.
“Despite the ongoing US-China trade negotiations, demand remains steady across key export markets,” it said.
It said it continued to focus on maximising value from the domestic market and welcomed the recent Australian Competition and Consumer Commission’s decision allowing it to proceed with the takeover of Lion’s specialty cheese business.
The company said it acknowledged the challenges caused by current conditions in many regions.
It said finance options were available to suppliers to assist with the purchase of feed, fertiliser and water.