Global dairy prices and volumes eased slightly in Fonterra's latest fortnightly auction but the market is still extremely strong.
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.
Bank of New Zealand economist Doug Steel says little should be read in the slight weakness.
"The big picture is very much unchanged, prices are extremely strong and they are expected to remain so for the coming months."
He says in the context of very high prices and a strengthening US dollar the result is pretty solid.
