Prices rose at Fonterra's online auction overnight.
The global dairy trade-weighted price index rose 2.6% to an average selling price of $US3737 per metric tonne. It was the second consecutive rise.
In October, Fonterra cut its forecast payout to farmers, to between $6.70 -and $6.80 per kg of milk solids for the current season, in part because of weaker global prices.
Prices for anhydrous milk fat rose 12% and butter milk powder rose 14%. Prices for cheddar, rennet casein, and skim and whole milk powder rose between 2% - 3%.
