Whole milk powder, the biggest-volume dairy product sold through Fonterra's GlobalDairyTrade platform, led the third month of declines, pushing the benchmark composite price further below its long-term average.
The GDT-TWI Price Index fell 0.9 per cent compared to the last sale two weeks ago. The average winning price dropped to US$2,756 a metric tonne from US$2,787 a tonne in the last sale. Whole milk powder, which typically accounts for almost two thirds of volume, fell 6.4 per cent to US$2,762.
See more details of the auction here.
Volumes through the GDT platform are still holding up, with 37,063 tonnes sold in the latest sale, which is higher than the average of about 32,000 tonnes per sale over the past two years. That may be a positive sign for Fonterra's own farmers after a record season of production.
The decline in prices in this week's sale is the smallest drop in three.
In the latest GDT auction, skim milk powder rose 5.2 per cent to US$2,727 a tonne. Anhydrous milk fat rose 3.3 per cent to US$2,845 a tonne and cheddar dropped 2.9 per cent to US$2,986 a tonne.
Butter milk powder climbed 7.2 per cent to US$2,662 a tonne. Lactose wasn't offered. Milk protein concentrate rose 2.4 per cent to US$4,157 a tonne and rennet casein fell 1.8 per cent to US$6,333 a tonne.
There were 114 winning bidders over 15 rounds. There were 155 participating bidders out of a total number of qualified bidders that rose to 692 from 681.