The price of unsalted butter saw the biggest drop, falling by 6.2% to £3,050 per tonne in November compared to £3,250 in October, and £3,330 in November 2009.
Skimmed milk powder fell to £1,870 per tonne from £1,950 in October, but is still higher than its £1,700 price tag 12 months ago. The price of mild cheddar remained at £2,750 per tonne (£2,600 in November '09), and mature cheddar held its price at £3,050 (£2,950).
Bulk cream fell slightly to £1,480 per tonne, compared to £1,500 in October, and 12 months previously.
Not-for-profit organisation Dairy Co said that, as with much of Western Europe, UK milk production has enjoyed buoyant levels of milk output this autumn.
The report stated there may be some further price weakness for bulk butter and cream prices in the New Year, but that cheddar prices have held steady. Reports from market commentators that the Christmas period might bring some price increases for cheddar now looked unlikely to materialise, it added.