Dairy prices have dipped at the fortnightly GlobalDairyTrade auction.

The GDT Price Index was down 2.4 per cent and the average price down to $US3223 per metric tonne on Wednesday morning.

The important whole milk powder price fell 2.7 per cent to $US3037 a tonne and butter milk powder was down 10.3 per cent to $US1804 a tonne.

Analysts were expecting dairy prices to improve at the auction after wet weather hampered the start of the peak months for milk production.

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Nigel Brunel, director financial markets at OM Financial, told the Herald on Monday predicting dairy trade auction outcomes had become something of a lottery but a 5 per cent increase in wholemilk powder prices this week looked possible.