Dairy prices have again risen slightly in the latest global auction keeping prices at close to a two-year high.
The average price was up 0.5 percent to $US3447 a tonne, the 10th consecutive price gain which followed a nearly 1 percent rise in the previous auction.
Volumes fell nearly 9.5 percent on the last auction.
Dairy prices have been rising since late November when they hit a two-year low because of an oversupply on world markets.
The price for whole milk powder, which has a key influence on farmer payouts, fell by 0.7 percent to $US3269 a tonne.
Prices for butter, anhydrous milk fat and cheddar rose, while lactose fell.
Source: radionz.co.nz republished by arrangement