Dairy prices dipped a little from their exceptionally high levels at the Global Dairy Trade auction overnight.
Prices were down by nearly 2% but the average winning price was $4888 per tonne.
Whole milk powder was down 2.9% while skim milk powder rose by 0.7%.
Volumes sold fell 4.4% to more than 43,200 tonnes.
At the previous Global Dairy Trade auction in early October, prices rose to their third highest ever level at the auction, on the back of concerns of a supply crisis in China.
Bank of New Zealand economist Doug Steel says the fall was a surprise.
But he says in terms of the broader picture it's not major and prices are still very elevated at 46% higher than a year ago.
Mr Steel says overall the price is still expected to provide a large income boost to the country.
