Dairy prices rose 1.4 percent in the international GlobalDairyTrade auction overnight.
Wholemilk powder prices rose by 3.1 percent.
However, the volume of dairy products traded in the Global Dairy Trade auction was down 7.7 percent on a fortnight ago.
In the previous auction, the benchmark wholemilk powder prices plunged 10 percent.
Fonterra is watching the auctions to see whether its forecast payout is on track at $5.30 per kilo of milk solids.
Some analysts think the forecast is still too high.
The New Zealand dollar went up against the US dollar following the dairy auction and is trading at 79.34 US cents, from 78.48 yesterday.