The rise is welcome relief for the beleaguered industry, with Fonterra earlier this month slashing the price it pays farmers for milk solids to $3.85 per kilogram from $5.25.
The drop in the payout came after dairy prices fell to half what they had been in 2013/14.
The overnight rise in prices followed 10 consecutive falls since mid-March.
The overall price index rose 14.8 per cent, with whole milk powder up 19.1 per cent.
Will be interesting to see if this represents a trend, or is a one off bounce.