Global dairy prices have fallen at Fonterra's online auction overnight.
The Global Dairy Trade Weighted Index fell 1.6% to an average selling price of $US3449 per metric tonne.
Prices have fallen at the last eight auctions.
Prices for whole and skim milk powder fell 0.7% and 0.3% respectively.
Prices for anhydrous milk fat and cheddar cheese experienced falls of 3.5% and 4.9%. Buttermilk prices rose 3.2%.
BNZ economist Doug Steel says the latest decline was more muted than expected.
