Dairy prices have fallen slightly in Fonterra's latest global fortnightly auction.
Fonterra's Global Dairy Trade-Trade Weighted Index fell 1.1%, with an average selling price of about $US4,443 a metric tonne.
Although there had been a slight dip in prices in the previous auction as well, dairy prices have still risen around 13% so far this year.
Anhydrous milk fat recorded the biggest loss, down by 5.8%.
Milk protein concentrate fetched $US6300 a tonne, and rennet casein traded at $US9,625 a tonne. Both commodities were traded in the auction for the first time.
Fonterra reaffirmed in March its forecast payout of between $7.90 and $8.00 per kilogram of milk solids for the current season.
On Tuesday, Fonterra said production was 4% ahead of the same period a year ago for the nearly completed season, and is likely to be at record levels because of favourable weather conditions.