Dairy prices have dipped slightly in the second GlobalDairyTrade auction of 2016.
The average winning price was 1.4 percent down at US$2,405 (NZ$3,729) and the dip comes after a 1.6 percent fall in the first auction of the year.
Whole milk powder fell 0.5 percent to US$2,188 a tonne, while skim milk powder, butter, cheddar and rennet casein also dropped.
Butter milk powder and anhydrous milk fat both rose.
The AgriHQ 2015-16 Farmgate Milk Price fell 17 cents to $4.43 per kilogram milksolids after the GDT auction. This compares to Fonterra's current 2015-16 milk price forecast of $4.60/kgMS.
"The weak GDT results, while disappointing, were aligned with market expectations," AgriHQ dairy analyst Susan Kilsby said.
"Global demand for dairy commodities continues to be weak relative to global milk supply."
Just under 22,000 tonnes of product was sold, down from 25,671 tonnes at the previous auction two weeks ago.
The New Zealand dollar last traded at 64.86 US cents at about 11.30am in New York, compared with 64.52 US cents at 5pm in Wellington the previous day.