International milk prices have fallen by nearly 1% in Fonterra's latest global dairy auction, compared with a sharp fall two weeks earlier.
The global dairy trade weighted index, which covers 30 products, dropped 0.9%, with an average selling price of $US2756 per tonne.
Some economists were expecting lower dairy supplies in the United States to be a factor in the prices as bad weather drives up feed costs.
The index has fallen more than 30% since hitting a near four-year peak in March last year as global commodity prices have retreated.
BNZ economist Doug Steel says a drought in the US which has affected supply of grain that feeds cattle and protests over milk prices in the UK, have not had an effect on the index yet.
He says it's disappointing that it hasn't translated into some increase in prices for internationally traded dairy products in the auction.