The FAO Dairy Price Index averaged 203.5 points in March, down 6.4 points (3.0 percent) from February, declining for the first time after registering continuous increases for four months. At this level, the Index is also down marginally from the corresponding period last year. In March, markets for milk powders were generally weaker, with skim milk powder (SMP) prices falling the most, followed by whole milk powder (WMP), cheese and butter. Global import demand for SMP and WMP dampened considerably, mainly due to disruptions in dairy supply chains with the imposition of containment measures to control the spread of Covid-19. Butter and cheese price quotations also eased in March, albeit moderately, due to weak import demand for spot supplies, notwithstanding seasonally limited export availabilities in Oceania.