Dairy product prices eased at the Global Dairy Trade auction, halting four straight increases, as whole milk powder declined.
The GDT price index fell 0.5 per cent from the previous auction two weeks ago to US$3,656. Some 22,321 tonnes of product was sold, down from 22,472 tonnes at the previous auction.
"This slightly negative GDT result will have minimal impact on the farmgate milk price," AgriHQ dairy analyst Susan Kilsby said in a note, adding that the result is "certainly still strong enough" to support the $6 per kilogram of milk solids price currently forecast by Fonterra.
Whole milk powder fell 0.8 per cent to US$3,568 a tonne.
Fonterra last week said it lifted the amount of whole milk powder on offer for this auction.