Dairy product prices fell at the Global Dairy Trade auction, declining for the third time in four auctions, amid concern about extra supply.
The GDT price index slid 1.6 per cent from the previous auction two weeks ago to US$3,343. Some 32,768 tonnes of product was sold, up from 26,688 tonnes at the previous auction.
Whole milk powder rose 1.3 per cent to US$3,155 a tonne.
"The market struggled to absorb the extra volume of product available on GDT which does not bode well for the coming months when offer volumes continue to lift in line with the seasonal lift in New Zealand's milk supply," AgriHQ dairy analyst Susan Kilsby said in a note.
At the latest GDT auction, butter fell 4.9 per cent to US$5,747 a tonne, while anhydrous milk fat dropped 4.9 per cent to US$6,289 a tonne.