Dairy prices continued their recent slide, falling 2.6 per cent at the latest global dairy auction overnight.
The drop follows an 8.9 per cent fall in the trade-weighted price index at the previous GlobalDairyTrade auction a fortnight ago.
The average winning price was US$4047 ($4684) a tonne, down from US$4124 at the previous auction.
In US dollar terms the average price fetched at the auction has dropped nearly 20 per cent since peaking at US$5042 on February 4.
Maximum supply at last night's auction dropped to 38,674 tonnes from 41092 tonnes at the previous auction, while the amount sold dropped to 36,549 tonnes from 39,653 tonnes.
Last night's auction saw 199 bidders take part, with 148 winning bidders.
Most products declined in price, with butter milk powder (down 8.6 per cent) and milk protein concentrate (down 7 per cent) having the biggest falls.
Butter was down 4.9 per cent, cheddar down 3.3 per cent, rennet casein fell 4.3 per cent and skim milk powder fell 4.4 per cent.
Prices for whole milk powder dropped 1.6 per cent while anhydrous milk fat bucked the trend with a 0.6 per cent gain.
GlobalDairyTrade is owned by Fonterra, with Fonterra products representing 89 per cent of the product sold in the fortnightly auction.
United States, Australian, Indian, European and Scandinavian dairy companies also sell their products on the independent platform.