Prices eased at the first Global Dairy Trade auction for the new season, with a 0.9 per cent drop from the previous event.
Whole milk powder - which has the biggest influence on Fonterra's farmgate milk price - was also down 0.5 per cent to an average US$4062/MT, while skimmilk powder - Fonterra's second biggest reference product - dropped 0.5 per cent to an average US $3415/MT.
Butter milk powder fell 7.5 per cent to an average US$3810/MT and butter softened 5.4 per cent to an average US$4690/MT.
Cheddar rose 0.5 per cent to an average US$4324/MT.
Anhydrous milk fat eased 0.8 per cent to an average US$5654/MT, while lactose dropped 1.6 per cent to an average US$1236/MT.
Fonterra chief financial officer Marc Rivers was pleased with the result.
"Steady as she goes is the way I'd describe it," he told The Country's Jamie Mackay.
Whole milk prices were still "hanging in there" which showed demand remained strong, Rivers said.
Volumes offered at the auction were relatively low, but that reflected the end of the season.
"We're starting to sell into the new season now but they're still a bit lower than they were before."
However, 21,000 MT still generated NZ$126 million for New Zealand's economy.
Also in today's interview: Rivers talked about how the co-op was supporting its farmers facing the floods in Canterbury and explained the reasons behind the co-op's current low share prices.
