Global dairy prices and volumes have eased back at Fonterra's latest fortnightly auction which took place overnight.
Prices in the global dairy auction fell 1.1% to an average selling price of $US4891 per metric tonne.
However, dairy prices are high in a time of strong demand and tight supply.
This time last year the average selling price was $US3174 per metric tonne.
The benchmark product, whole milk powder, fell 1.7%.
About 53,500 metric tonnes were sold, nearly 5% lower than the previous sale.