The 7.4 percent rise in the cheddar index was likely a one-off, NZX said. Photo:
Dairy prices have fallen at the latest global auction overnight.
The average price fell 0.9 percent to USD$3399 (NZD$5592) a tonne, after an identical fall in the previous auction.
The price of wholemilk powder, which strongly influences the payout for local farmers, fell 3 percent to US$3173 a tonne.
Prices for other products were mixed.
Cheddar rose strongly, while butter was slightly higher and skim milk powder was unchanged.
Prices for buttermilk powder fell.
NZX analysts said South East Asia/Oceania was the biggest buyer.
"North Asia was buying, but definitely not in a way that implies 'China is back'. This result was generally in line with market expectations," the analysts said.
The 7.4 percent rise in the cheddar index was likely a one-off, NZX said.
"The Middle East bought the most cheddar at this event. It seems likely that this was one buyer fulfilling some immediate needs, rather than indicative of any trend."
Fonterra and Synlait Milk have cut their forecast milk prices for the current season to a midpoint of $8.20 a kilo of milk solids, and indicated $8 a kilo for the new season amid oversupply and reduced demand.