Prices eased at the first Global Dairy Trade auction for the new season, with a 0.9 per cent drop from the previous event.
Whole milk powder - which has the biggest influence on Fonterra's farmgate milk price - was also down 0.5 per cent to an average US$4062/MT, while skim milk powder - Fonterra's second biggest reference product - dropped 0.5 per cent to an average US $3415/MT.
Butter milk powder fell 7.5 per cent to an average US$3810/MT and butter softened 5.4 per cent to an average US$4690/MT.
Cheddar rose 0.5 per cent to an average US$4324/MT.
Anhydrous milk fat eased 0.8 per cent to an average US$5654/MT, while lactose dropped 1.6 per cent to an average US$1236/MT.