Global dairy prices have risen 3.9 percent in the first global dairy trade event of the year.
The average price for commodities was US$3420 (NZ$4715) per metric tonne (MT), up from US$3317/MT in the last auction in mid-December.
Prices for whole milk powder - the most important product for New Zealand farmers - rose 3.1 percent, to US$3306/MT
Lactose prices saw the biggest jump, rising 7.4 percent to $US1099/MT, while butter was up 7.2 percent to US$4526/MT. Butter milk powder rose 6.9 percent to US$2876/MT, anhydrous milk fat was up 5.5 percent to $US4604/MT and skim milk powder edged up 4.1 percent to US$3044/MT.
A total of 30,313 metric tonnes was sold at the auction.
ASB economist Chris Tennent-Brown on Wednesday said whole milk powder prices have now edged comfortably ahead of where they were this time last year.
"The contract curve remains flat and stable, so price gains aren’t being driven by short-term supply fears."
