Dairy prices have risen in the first Global Dairy Trade auction of 2015.
The seasonal farmgate milk price for the 2014-15 season went up by 10 cents per kilogram of milksolids to $4.30.
Fonterra's current forecast for the season is $4.70.
An AgriHQ analyst Ivan Luketina said the increase was driven by higher prices across the board, but in particular the rises for whole milk powder and milkfat products.
He said whole milk powder prices lifted by just 1.6 percent but prices on the NZX Dairy Futures market have risen by 1.4 percent since the last auction, suggesting a slightly improved outlook for the balance of the season.