The latest Dutch dairy board quotes were back slightly to 35 c/litre (22 March quotes) on foot of the decline in the Global Dairy Trade Auction result last week.

The milk market observatory suggests the most recent price quotes (22 March) of most dairy commodities was back a good bit from the early March quotes.

EU butter was back slightly to $3,448/t from $3,653. That’s about a 5% drop in butter price. EU whole milk powder was also back slightly from $3,032 to $2,889 – a 4.7% drop. SMP prices were $2,290/t.

Cheddar prices fell slightly also from $3,612/t in early March to $3,525/t this week (down 2.4%).

All EU quoted prices for the same time last year were well over $5,000/t, except for SMP which was $4,490/t this time last year.

Oceania quotes were also back well for butter and whole milk powder. WMP fell from $3,488 down to $3,125. Butter was down from $3,975 to $3,750. US butter quotes fell from $3,770 to $3,704. WMP quotes actually rose from $3,197 to $3,274. Cheddar prices were more or less the same at $3,439 per tonne.

In New Zealand, Fonterra’s unit price dropped by 3.5% in early stock exchange trading after the co-operative lowered its dividend forecast range for 2014/15.

This week, the units, which give investors access to Fonterra’s dividend, were at $5.78, down 21c from Tuesday’s closing level. Fonterra’s farmer suppliers expecting a higher dividend to compensate for a lower farmgate milk price had their hopes dashed when the co-operative announced a 16% fall in its first half net profit to $183m and reduced its dividend forecast.

Fonterra stuck with its farmgate milk price forecast of $4.70/kg milk solids, but, contrary to expectations, cut its forecast dividend payout for the year to a range of 20c to 30c from a previous range of 25c to 35c a share.