Prices of dairy products fell in the first sale on Fonterra Cooperative Group's GlobalDairyTrade platform for 2012, paced by whole and skim milk powder.
The GDT-TWI Price Index fell 0.7 per cent compared to the last sale two weeks ago.
The average winning price declined to US$3,654 a metric tonne from US$3,688 a tonne in the December 20 sale.
The price of whole milk powder declined 0.8 per cent to US$3,554.
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Commodity prices fell through much of 2011 as investors fretted the impact of Europe's debt crisis could have in slowing global growth.
The region is expected to sink into recession this year as leaders argue about the response to the crisis.
Thomson Reuters/Jefferies CRB Commodity Index fell almost 7 per cent in 2011 and was recently up 2.6 per cent.
The average winning price for skim milk powder fell 0.6 per cent to US$3,269 a metric tonne. Anhydrous milk fat fell 5.1 per cent to US$3,982 a tonne and butter milk powder rose 9.3 per cent to US$3,585 a tonne.
Cheddar rose 0.2 percent to US$3,598 a tonne and milk protein concentrate gained 2.3 per cent to US$5,986 a tonne.
Rennet casein declined 4 per cent to US$7,796 a tonne.
There were 114 winning bidders over 13 rounds, out of 152 participating bidders.
The number of qualified bidders rose to 513 from 504 in the last sale two weeks ago.