PRICES fell in the global dairy auction to their lowest average in six months.

The average price dropped by 2.4 per cent in the fortnightly auction to $US3223 ($F6620.85) a tonne.

Butter and whole milk powder prices also dropped.

Whole milk powder, which helps determine the payout to farmers, fell by 2.7 per cent to $US3037 ($F6238.76) a tonne, going against expectations it would lift.

Butter nudged back by 3.6 per cent from its record high to $US5837 ($F11,990.66) a tonne.

Overall volumes of product sold were up 11 per cent to 37,990 tonnes.

AgriHQ analyst Amy Castleton said the market had anticipated a 5.8 per cent lift in the price of whole milk powder for shipping in December.

Ms Castleton said volumes of whole milk powder were at a seasonal peak with 20,980 tonnes available.

“Nearly all of this product was sold, but buyers were not willing to pay more for it,” she said.

The falls follow two small rises in September, and despite the price changes, most dairy companies are forecasting payouts of $6.40 or more for this season.