Dairy product prices inched higher at the Global Dairy Trade auction, stemming two consecutive declines.
The GDT price index rose 0.6 per cent to US$3,517, up from US$3,463 at the previous auction two weeks ago. Some 22,030 tonnes of product was sold, edging lower from 22,396 tonnes at the previous auction.
Whole milk powder slipped 0.1 per cent to US$3,283 a tonne.
"The results are indicative of the overall dairy market which is currently relatively balanced," AgriHQ dairy analyst Susan Kilsby said in a note. "At present there is neither a shortage of dairy products or an excess of product available."
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"This situation is likely to persist for the next few months during which time prices will most likely bob up and down from week to week," Kilsby added.
At the latest GDT auction, rennet casein increased 4.9 per cent to US$6,470 a tonne, while anhydrous milk fat rose 3.7 per cent to US$5,528 a tonne.
Butter rose 1.6 per cent to US$4,382 a tonne, while cheddar added 1.3 per cent to US$3,940 a tonne.
However, butter milk powder sank 10.1 per cent to US$2,783 a tonne, lactose fell 1.7 per cent to US$813 a tonne, while skim milk powder slid 1.6 per cent US$2,612 a tonne.
The New Zealand dollar last traded at 71.88 US cents at about 12.12pm in New York, compared with 71.03 US cents at 5pm in Wellington the previous day.
There were 113 winning bidders out of 178 participating at the 10-round auction. The number of qualified bidders rose to 526, up from 523 at the previous auction.