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Dairy prices have again fallen to the lowest level in more than two years in the latest global auction overnight.
The average price was down 2 percent to $US2851 a tonne.
It is the lowest average price since mid-August 2016, and follows a marginal fall in the previous auction.
The price of whole milk powder, a key factor in setting returns to local farmers, fell nearly 3 percent to $US2655 a tonne.
The volumes sold were 1 percent higher.
Prices for the products offered were mostly lower, with only a modest rise for skim milk powder.
Fonterra last month cut its forecast payout for the current season by up to 50 cents to between $6.25 and $6.50 a kilo of milk solids because of supply growing faster than demand.