Dairy prices have fallen in Fonterra's latest online fortnightly auction.
The world's biggest dairy exporter says the average selling price for all products fell 2.5% to $US3506 a tonne. Whole milk powder fell 1.1%.
Last month, Fonterra lifted its forecast milk payout by 10 cents to between $7 and $7.10 per kilo of milk solids.
The co-operative says demand, particularly from Asia, should remain robust.
The price movements are being seen as a consolidation after they lifted by about 20% last month.
Meanwhile, the NZX dairy futures market based on global whole milk prices is starting to gain some momentum after opening this month.
Another 10 lots of the October whole milk futures contract traded on Monday, for $US3,525 a tonne, the same price and volume as the previous week's trade.