Fonterra held another internet auction for whole milk powder (WMP)and anhydrous milkfat.
The WMP sale fell 1.6% to $1.47 per pound - not a huge drop.
WMP and NFDM are closely related in price.
Rumor has it that two West coast NFDM makers had an export deal (think Fonterra) which fell flat. So, the co-ops dumped the powder on the domestic market, driving the price down.
World wide milk powder prices are thought to run higher.