The GDT index posted a 3% gain, with rises in average prices across commodities that took the average price 21% higher than the start of this rally in November.

WMP prices were the standout at this event and lifted for the 7th consecutive event with a solid 3% gain, prices pushing beyond US$3,600/t for regular product in later contracts, while the C2 contract for regular product pushed US$155/t higher to $US3,585/t, its highest since May 2014.  

SMP added just 0.3% or US$9/t to average US$3,207/t, with small gains early and similar losses later. The NZ premium over EU product widened to US$383/t as Fonterra’s MH product for C2 gained US$25/t to US$3,255/t, Arla’s average dipped US$1/t to average US$2,873/t.

Fats nudged higher with butter slightly stronger. Butter gained US$101/t or 2.0% to push the average to US$5,129/t, with varied gains across contracts, as C2 added 2.1% to US$5,125/t. AMF prices repeated the gain from the previous event, adding 1.2% or US$64/t to average US$5,527/t, with a dip in C1, a US$123/t lift in C2 to US$5,543/t, and smaller gains out to C5.

There were small gains across all Cheddar contracts as the average added US$90/t to US$4,268/t, and C2 gained US$104/t to US$4,252/t. Lactose added just US$15/t at this event, to finish at US$1,232/t.