The GDT auction result edged down another 1% this week to an average of $3,784/t.
July and August are traditionally the weaker months for the auction as milk starts to flow in New Zealand.
Whole milk powder, the most significant product traded on the exchange, was down 3.8% at €3,598/t.
Skim milk powder, butter and cheddar were all up in price.
While the results have been trending downward for the last nine auctions, it is important to note that March 2021 saw the highest price since 2013.
The auction results remain about 20% ahead of where they have been in August for the last three years.