Global dairy prices have risen for the second consecutive time and volumes have eased in Fonterra's latest dairy auction overnight.
The Global Dairy Trade Price Index rose 3.9% with an average selling price of $US4973 per metric tonne.
That figure is 51% higher than the average selling price a year ago.
It's also more than the price reached during the peak of the drought in April, when only 13,912 metric tonnes were sold and the average price was $US4966.
Whole milk powder, the biggest product by volume, rose 3.4% to $US5035 a tonne and skim milk powder rose 5.6% to $US4791 a tonne. Cheddar slipped 1.5% to $US4501 a tonne.
AAP reports the total volume of dairy products sold slipped to 51,944 tonnes from 52,297 tonnes in the previous auction.
The price of anhydrous milk fat rose 2.7% to $US5395 a tonne and butter rose 4.5% to $US3750 a tonne. Butter milk powder gained 4.6% to $US4630 a tonne.
Milk protein concentrate rose 5.9% to $US8242 a tonne and lactose climbed 6.1% to $US1730 a tonne.