Prices edged lower in the latest fortnightly global dairy auction, including the important whole milk powder price.
The average price dropped 1 percent to $US3204 a tonne.
The whole milk powder price, which helps determine the payout to farmers, fell by 0.5 percent to $US3014 a tonne.
Five of the eight products on offer dropped in price, including butter which has come off its recent record highs and now sits at $US5736 a tonne.
Overall prices remained at a six-month low, though forecast milk prices for dairy farmers are still sitting at around $6.50 a kilogram of milk solids, comfortably above the $5.00 kg/ms the average farm needs to cover costs.
AgriHQ analyst Amy Castleton said falling milk production in New Zealand should be supporting whole milk powder prices, but that appeared to have been affected by Fonterra's forecast issued last week of increased volumes.
"Buyers seem to be confident that they will be able to source whole milk powder when they need it so are not competing too hard for product."