Prices of dairy products fell in Fonterra's latest GlobalDairyTrade auction, the first decline in four sales, led by whole milk powder and cheddar.
The GDT-TWI Price Index dropped 2% compared to the last sale two weeks ago. The average winning price fell to $US3290 a metric tonne from $US3348 in the last auction.
Whole milk powder, the biggest product by volume, fell 3.5% to $US3170 a tonne and cheddar dropped 2.4% to $US3372.
The sale is the first since the debut of units in the Fonterra Shareholders' Fund on the NZX, which have jumped about 23% to $6.75 since listing last Friday, having sold in an initial public offering at $5.50.
Today's sales gives unitholders an update on global pricing of Fonterra's products and may be reflected in the units when they resume trading today on the NZX and ASX.
The total volume sold rose to 52,596 tonnes from 48,335 tonnes two weeks ago.
Anhydrous milk fat rose 3.7% to $US3197 a tonne. Only one contract date traded for butter milk powder, due February 13, at a price of $US3615, unchanged from the previous sale. Lactose was not offered for sale.
Milk protein concentrate fell 1.2% to $US5958 a tonne and rennet casein rose 0.3% to $US7926. Skim milk powder fell 1% to $US3362.
There were 141 winning bidders over 12 rounds. There were 178 participating bidders out of a total number of qualified bidders of 729.