Hopes for a lift in Fonterra's forecast payout have been dashed.

The cooperative's just announced it will maintain its current estimate for this season at $4.70 per kilo of milk solids.

The cash payout range is between $4.95 and $5.05.

Fonterra chairman John Wilson says although dairy commodity prices have risen, the increase isn't enough to raise the forecast now.

There's still significant volatility in international commodity prices - New Zealand volumes are down, with the drought casting a shadow over milk production.