Casein prices led the decline, falling 14%, as they played catch-up to the rest of the dairy complex, with increased supplies out of New Zealand and Europe weighing on prices, ANZ agri economist Con Williams said.
However, the main dairy commodity prices looked to have based, with lifts for whole and skim milk powder.
While the demand backdrop looked softer, tightening supplies from major exporters were starting to rebalance the market, Mr Williams said.
The index has now declined by 18.8% over the past 12 months. Wool experienced the second-largest decline at 6%, with weaker demand from Europe and China combined with a seasonal increase in supply.
Beef prices continued to recoil from record highs, down 3%, with high supply from both Australia and New Zealand, as well as some logistic issues in the United States, weighing on prices. Aluminium prices were down 5% as they tracked falls in hard commodity prices.
Forestry prices were little changed, although wood pulp prices fell 2%. Lamb and skins were ''up a touch'' but overall looked fairly stable, he said.
