The auction lost ground again with an overall fall of 1.4% for the price index, on the back of a 2.8% drop in mid-December.
However, it was not all grim reading for the eight commodities. Mozzarella rose 3.6% to $US4173 ($NZ7410), butter went up 2.6% to $US6815 ($NZ12,100) and butter milk powder had just under a 1% gain to $US3116 ($NZ5534).
The main ingredient of whole milk powder was back 2.1% to $US3804 ($NZ6756) and skim milk powder was also down 2.2% to $US2682 ($NZ4762).
Just over 140 bidders competed for the 30,156 tonnes of dairy products sold.
The negative results follow a run of three rising auctions from November.
Fonterra lifted its midpoint forecast last month into record territory of $US10 a kilogram of milksolids, based on a projected range of $9.50/kg-$10.50/kg.
Chief executive Miles Hurrell announced at the time demand in China and South East Asia was up, but the co-op would continue to monitor any influences shifting global supply and demand.