Dairy prices have fallen for second consecutive time in the global auction.

In the sale the average price was down 3.4 percent at $US3423 a tonne.

It follows the previous auction’s 1.2 percent drop, which was the first fall in six months.

Dairy prices had been sitting at two-year highs after posting consistent rises since late November.

The price for whole milk powder, which has a key influence of farmer payouts, fell 1.5 percent to $3138 a tonne.

Prices for all but two other products were down with cheddar and butter seeing sizeable falls. Volumes sold were higher.

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