Dairy prices have hit fresh highs in Fonterra's latest global auction.
Prices for all products recorded their sixth consecutive increase, climbing 3.9% to reach the highest level since the online auctions began in July 2008.
The average winning price rose more than $300 to $US4540 a tonne.
Most of the increase was due to higher prices for whole milk powder, which were almost 8% higher than at the last auction a fortnight ago.
In December, Fonterra raised its forecast total payout for the current season by 30 cents to $7.30 - $7.40 per kg of milk solids because of strong international dairy prices.