That was particularly important when peak auction volumes were on offer during the coming three months.
The Wednesday GlobalDairyTrade left prices largely unchanged. Whole milk powder prices lifted 1.9%.
The overall result was in line with expectations, although Mr Penny said he thought whole milk prices would rise 2%.
By product, prices were mixed for the second auction in a row. Butter prices dipped 5% and skim milk powder and cheddar prices fell 1%.
"From here, and with the market focus shifting away from Brexit, dairy fundamentals should begin to drive price movement once again.
"On that front, we continue to look to data that supports or otherwise our view global supply is tightening.''
Fonterra's New Zealand collections were down 10% in June compared with the previous corresponding period, although it was early days in the New Zealand production season, he said.
Whole milk prices had "hinted'' at a lift in coming months. In particular, prices for forward contracts rose by between 3% and 4% compared with the overall 1.9% rise.
Although modest at this stage, the higher prices for later-dated contracts were consistent with the view supply tightened over the remainder of 2016, Mr Penny said.
Forsyth Barr broker Damian Foster said the GDT results remained negative to farmers. The upside to the current Fonterra guaranteed milk price (FGMP) was eroded by a combination of a lack of dairy prices strength and a stronger New Zealand-US dollar cross.
The traded milk price futures also fell this week from $4.54 to $4.52.
Fonterra's $4.25 forecast remained below the indicative forecast implied by longer-term futures prices. However, the upside risk to the forecast continued to decline.
"We remain in the relatively low volume part of the milk season. The further we head into August without some price rebound, the more challenging upside risk becomes.''
Forsyth Barr was currently operating on a $5 FGMP for the season but saw downside risk to the forecast with a slight earnings upside to Fonterra, he said.
Upside earnings risk was tempered relative to previous years, due to the likely product price squeeze expected to continue occurring, given continued low milk prices globally.
Where Fonterra had benefited from a lag between commodity and product prices reductions in the past, that would not be the case in the 2017 financial year, Mr Foster said.
•Lower milk prices help lift Fonterra's profit as its input costs fall along with milk prices.
