The Global Dairy Trade price index lifted 0.3 per cent to $US3827 a tonne on Tuesday night, the first lift since April.
Four of the six commodity indexes lifted with butter leading the charge with a 4.0pc lift.
Cheese was up 2.8pc, anhydrous milk fat was up 1.5pc and skim milk powder was up 1.1pc.
The lactose index was unchanged, while the key whole milk powder index was down 1.5pc.
Despite GDT prices being about 13pc down on the peak in March, pundits say prices are still strong.
Westpac senior agri economist Nathan Penny pointed to prices being 27pc up on a year ago.
"Stepping back from the short-term price (and production) fluctuations, we see the global dairy market as being largely balanced at this point," he said.
ASB economist Nat Keall said NZ dairy prices remained high.
"We sound like a broken record on this of late, but amidst all the week-to-week churn, it's important to remember the key thing: dairy prices are still very strong in a historical sense and a healthy (NZ) farmgate price for 21/22 is in the pipeline," he said.
Mr Penny said the overall result masked different trends in commodity groups.
The WMP price fall continued the trend that saw it down 18pc in the past seven auctions.
"With New Zealand the dominant global WMP exporter, WMP prices remain under pressure, reflecting the ongoing effects of record high production in the New Zealand autumn," he said.
"Recall that New Zealand production jumped a whopping 10pc over the autumn months compared to autumn 2020, with production also setting a record high for the season as a whole.
"By contrast, SMP and cream (butter and AMF) prices have moved in the opposite direction, firming over the last two auctions.
"This firming may reflect dry weather in Europe and, in turn, softer recent European production."
"Now that we are entering the peak months, the strength of NZ production will only grow in importance as a swing factor and could drive a bit of further volatility," he said.
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Carlene Dowie
Carlene Dowie is the editor of the Australian Dairyfarmer magazine and has more than 30 years' experience as a rural journalist.
Carlene Dowie is the editor of the Australian Dairyfarmer magazine and has more than 30 years' experience as a rural journalist.
