Prices have fallen in the global dairy auction overnight.
Photo: 123rf.com
The average price fell 1.6 percent to $US3343 a tonne.
It followed a small 0.2 percent rise at the previous auction.
The important whole-milk powder price lifted by 1.3 percent to $3155 a tonne.
Last week Fonterra lifted its forecast milk price for this season to $6.75 per kilogram of milk solids, comfortably over the $5 that most farmers need to cover costs.