Doing away with the rising trend of milk prices, Fonterra's online whole milk powder auction system reported fall in prices for the whole milk powder (WMP) on the internet-based sales platform global Dairy Trade.

Prices declined around 7 per cent in the recent trading. Whole milk powder auctioned for US$3309 per tonne in the recent trading and the average price range was US$3230 to US$3555 per tonne.

Paul Grave, the Manager of Global Dairy Trade said that prices rose 95 per cent and the recent reduction is nothing but price correction. He added, "This is one signal that the markets are now more closely in balance. The result is within the range of price movements we would expect to see in the current market environment."

Other product presented on the online platform was anhydrous milk fat (AMF) that reported 4 per cent increase in average price to $US4539 per tonne. However, there was around 5.5 per cent decline across overall pricing in AMF and WMP category.

The next online trading event would take place in the morning session on February 3.