Dairy product prices fell at the Global Dairy Trade auction as whole milk powder continued its slide amid increased supply.
The GDT price index fell 1.3 per cent from the previous auction two weeks ago. The average price was US$2934 a tonne, compared with US$2980 a tonne two weeks ago.
Some 39,143 tonnes of product was sold, up from 38,811 tonnes two weeks ago.
Whole milk powder declined 1.8 per cent to US$2768 a tonne.
Fonterra last week lifted its 12-month whole milk powder offer volumes by 20,450 tonnes, with the increases occurring through the October, November and December GDT events, AgriHQ dairy analyst Amy Castleton said in a note.