About 400 farmers solemnly filed into a sports club in Camperdown, in Victoria’s south-west, for the first of several meetings with the co-operative.
Murray Goulburn partially listed last year, and takes around a third of the nation’s fresh milk.
It came out of a trading halt last week to announce the market was weaker than expected and it had to cut milk prices by about 10 per cent.
Around 2,500 dairy farmers in three states now face a reduced income after budgeting on a higher number.
Murray Goulburn chair Philip Tracy said it was a «very emotional meeting».
«Obviously the suppliers are very disappointed with our announcement but lots of constructive comments were made for the board to take away,» Mr Tracy said.
«Effectively we have just apologised to the suppliers for the absolute disappointment we’ve created.
«To put them in a position where they’ve had expectation taken away from them.»
‘Actions speak louder than words’
Dairy farmer Andrew Powell said he was looking ahead.
«The board has got my full support, the chairman has got my full support but actions speak louder than words now,» he said.
United Dairyfarmers Victoria president Adam Jenkins said whole communities were affected.
«Not only does it affect my business, not only does it affect the industry, but the spill on effect into the community is big time,» he said.
Murray Goulburn will face its other suppliers in meetings across Victoria , South Australia and Tasmania in the coming weeks.