Global prices have risen more than 19-percent since Christmas.
Fonterra's increased and narrowed its forecast range - lifting its midpoint forecast from nine-dollars to nine-dollars-50.
Today's rise is still well below last season's payout, and Fonterra is warning prices remain volatile.
The dairy co-op's also announced an extra dividend, of about 14 to 18 cents per share, from the earnings of its yet-to-be-sold consumer arm.
