Updated 11.45AM: A small movement in the latest dairy price index.

The latest Global Dairy Trade Event has seen prices rise by a modest 1.1 percent.

It's the fifth consecutive rise at the fortnightly auction, after prices fell by around 50 percent in 2014.

Business correspondent Andrew Kelleher says it's not unexpected to see a plateau, given the strong moves in the last two auctions.

"It does lend support to the decision by Fonterra to wait before revising the forecast dairy payout and not a lot of impact on the currency this morning from that result."

ASB rural economist Nathan Penny says milk powder prices have dropped and farmers still face dry conditions.

"By and large though we feel they are managing through this difficult season, and the prospect of a better milk price next season."

Penny says that's partly due to reduced supply.

"Production has slowed on the back of the recent dry and farmers producing less milk given that the milk price has been very low."

Dairy prices dropped around 50% last year.