Prices have fallen in the latest Global Dairy Trade auction, held overnight, with a 2.6 per cent decline across the board.
It is the third drop in a row, with the index falling 0.7 per cent on March 7 and 1.5 per cent on February 21.
Whole milk powder, which peaked in March last year at US$4757/MT, dipped 1.5 per cent to an average of US$3228/MT, while skim milk powder - Fonterra’s second-biggest reference product – dropped 3.5 per cent to an average of US$2648/MT.
However, the biggest percentage fall once again came from cheddar, which plunged 10.2 per cent to an average of US$4052/MT.
This is directly on the back of another 10.2 per cent fall in the previous event and means the product is now commanding US$1036/MT less than the US$5086/MT on February 7.