Fonterra's shareholders council says an increase in the company's forecast payout for the current season is still a long way off the amount originally forecast.
The company announced on Tuesday that it will increase the payout by 10 cents per kg to $5.20 per kg of milksolids.
That compares to the original forecast of $7 at the start of the season. The amount has fallen twice since then to $6 and $5.10.
The payout is made up of a milk price, which is $4.75 per kg, and an unchanged value return forecast of 45 cents per kg.
Fonterra says the increased forecast has been made possible because there have been some signs of stability.
Chief executive Andrew Ferrier says the on-line dairy auction system for whole milk powder also influenced the decision.