Dairy product prices fell at the Global Dairy Trade auction, stemming two straight gains, amid increased supply.
The GDT price index fell 3.2 per cent to US$3,474, down from US$3,537 at the previous auction two weeks ago. Some 20,479 tonnes of product was sold, down from 21,273 at the previous auction.
Whole milk powder slid 3.7 per cent to US$3,189 a tonne.
Last week Auckland-based Fonterra, the world's biggest dairy exporter, said it would more product available for sale on GDT after it upgraded its milk intake expectations for the current dairy season.
"Many buyers will be aware that milk intakes in New Zealand are starting to improve following very poor production during the spring," AgriHQ dairy analyst Susan Kilsby said in a note.