Dairy prices have fallen to the lowest level in nearly two years in the latest global auction overnight.
The average price was down 1.3 percent to $US2934 a tonne.
It is the lowest average price since mid-October 2016, and follows a fall of just under 1 percent in the previous auction.
The price of whole milk powder, a key factor in setting returns to local farmers, fell 1.8 percent to $US2768 a tonne.
The volumes sold rose 1 percent.
Prices for the products offered were mostly weaker, with a sharp fall for cheese.
Fonterra last week reaffirmed its forecast payout for the current season at $6.75 a kilo of milk solids.
However, the lower New Zealand dollar offsets to the fall in prices because it improves export returns.