World milk prices edged higher for the third time in a row while volumes fell in the latest Fonterra auction overnight.
The Global Dairy Trade Price Index rose 0.2% with an average selling price of $US4868 per tonne. Two weeks ago, prices jumped 3.9%.
A total of 47,858 tonnes was sold, falling 7.9% from the previous auction.
Whole milk powder prices fell 1.5%, while rennet casein and butter surged more than 7%.
AAP reprots the price of anhydrous milk fat rose 4.4% to $US5,668 a tonne and butter rose 7.9% to $US4051 per tonne. Butter milk powder gained 2.2% to $US5070 per tonne.
Milk protein concentrate rose 3.9% to $US8568 per tonne. Lactose was not offered.
The auction was the first since Fonterra unexpectedly kept its forecast farmgate milk payout for 2014 unchanged while slashing its dividend.
