New Zealand's Fonterra Cooperative has recorded a fall in the average price of dairy for the first time in two months.

Fonterra's Global Dairy Trade-Weighted Index recorded a fall of 0.9 percent and the average selling price was $3,285 per tone. The Trade-Weighted Index covers a range of 30 products and contract periods and its recorded the first fall since July.

The prices of dairy have risen recently due to various whether related aspects including drought in the United States. The price of whole milk powder and butter milk powder rose while prices for cheddar, skim milk powder, rennet casein, and anhydrous milk fat during the month.

Fonterra Cooperative is the world's biggest dairy exporter and it organizes two auctions a month. The next auction is scheduled for 16 October, 2012. Fonterra is a co-operative that is owned by about 10,500 farmers and accounts for about a third of world's dairy exports. The co-operative generates about 7 percent of New Zealand's gross domestic product.

Meanwhile, the GDT-TWI Price Index fell to an average winning price of $US3,285 per metric tone, according to the latest GlobalDairyTrade online auction data.