Dairy product prices fell at the Global Dairy Trade auction, spurred by slides in butter and anhydrous milk fat that were the biggest in about two years.
The GDT price index dropped 3.5 per cent from the previous auction two weeks ago. The average price was US$2,727 a tonne, compared with US$2,851 a tonne two weeks ago. Some 42,966 tonnes of product was sold, up from 42,412 tonnes two weeks ago.
Whole milk powder declined 1.8 per cent to US$2,599 a tonne which, NZX dairy analyst Amy Castleton said, was "a surprisingly resilient result."
"Whole milk price offer volumes were at their highest for the season," Castleton said in a note, adding that New Zealand milk production figures released yesterday showed October production was up 6.5 per cent on a milksolids basis.
"Most of the whole milk powder sold went to North Asia, which includes China," Castleton said.