The Global Dairy Trade (GDT) price index has fallen by 2% at the latest auction held on 3 November.
It is the first decrease in the index since 1 September.
The average price now stands at just under $3,096 (€2,652.39).
In total, 35,418t of product was sold.
There was an increase for butter, up 3.9% to $3,822 (€3,274.36). The price paid for butter milk powder (BMP) rose, up 1.2% to $2,617 (€2,242.02).
The largest drop was in the price paid for skim milk powder (SMP), down 4.4% to $2,722 (€2,331.98). Whole milk powder dropped by 2% to $2,985 (€2,557.29).
The price paid for Cheddar fell by 0.8% to $3,786 (€3,243.52).