The GDT index slipped just 0.1% as this event saw little change but AMF being the worst affected by pushback against high prices.

SMP slipped by US$2/t to average US$3,365/t, with the biggest fall in C5 and an US$80/t lift in C6. The Fonterra MH C2 product posted a US$10/t gain to US$3,400/t while European SMP fell by US$97/t on average while US product was sold only for C3 but firmer at US$3,125/t. The NZ premium over EU product widened to US$330/t. WMP inched higher on average by US$12/t to US$4,097/t, with the highest gain in C6, while C4 fell. Regular product C2 WMP added US$20/t to US$4,080/t.

Fats prices were expected to weaken, and they obliged but not as much as expected. Butter lost US$40/t or 0.7% to average US$5,736/t. C2 lost US$27/t with bigger losses in other contracts while C5 lifted US$30/t. AMF prices fell moderately by 3.3% or US$206/t to average US$6,003/t, with the heaviest losses earlier. C2 lost US$222/t to dip below US$6,000/t to US$5,976/t.

There was only 155t of cheddar sold for C5 and C6 at this event which achieved an average of US$4,436/t which was US$43/t better than event #281. Lactose continued to slide and lost US$47/t to finish at US$1,260/t.