Prices have fallen slightly in the latest global dairy auction.
The average price nudged down 0.4 percent to $US3339 a tonne- extending the 1.6 percent drop at the previous auction. These follow several small rises and falls over the past couple of months.
The important whole-milk powder price fell 0.6 percent to $US3143 a tonne.
Butter prices, which reached a record $US6000 a tonne last month, slipped by 1.3 percent to $US5735.
Volumes sold fell 1.6 percent to 32,260 tonnes compared to the previous auction a fortnight ago.
AgriHQ says offer volumes of milkfats are set to decline slightly over coming months while Fonterra directs milk into added value products and whole milk powder over New Zealand's peak milk producing months.
"However buyers haven't taken notice of this yet and are relying on more fat being available from New Zealand as it lifts its milk production this season."