Dairy prices have made gains in the latest overnight auction, with the key whole milk powder price rising after recent falls.
The global dairy price index has risen 2.4 percent, following a drop of 1.1 percent last time.
The key price for Fonterra, that of whole milk powder, has risen $US41 dollars to $US2270.
Last week Fonterra slashed its forecast milk payout to farmers to $4.70 per kilo of milk solids, due to recent falls in the whole milk powder price.
The average price has increased $US96 to $US2609 per metric tonne.
But the volume traded has continued to fall, dropping 3,883 tonnes to 35,390 tonnes.