The 12-member board is currently in talks at Murray Goulburn’s headquarters in Brunswick, Melbourne.

Last year’s milk price opened at $4.75 and is currently sitting around $5.45 or 43 cents per litre – the second highest price in the co-op’s history.

Murray Goulburn has indicated it will pay another step-up before the end of the current financial year.

“An announcement about the milk price is expected soon,” said a spokesman for Murray Goulburn.

Warrnambool Cheese and Butter announced its opening price last week, at $4.90, along with a new supplier payment structure.

It is offering a choice between a seasonal supply or a flat supply option.

Read more on this story in story here at The Warrnambool Standard.

Departing managing director Stephen O’Rourke is at today’s meeting in Melbourne, while his replacement, Gary Helou, remains committed to SunRice until September.

Another issue on today’s agenda is how Murray Goulburn will cover a two-month gap between the appointments.

Mr O’Rourke (pictured above) is due to step down on July 31 but Mr Helou’s tenure doesn’t commence until October 3.

A spokesman for Murray Goulburn said the solution is likely to be made public within a few days, after employees and shareholders are notified.