Milk powder prices in Fonterra's global online auction have slipped slightly this month.
The company says the average selling price for whole milk powder fell 1.2% on last month, to $US3932 per tonne. This follows a rise of more than 20% last month.
Global dairy trade manager Paul Grave says the result reflects strong demand and constrained short-term supply.
Fonterra's new global dairy trade weighted index - which shows the percentage change in average prices for whole and skim milk power and anhydrous milk fat - fell 0.8%.