The GDT Index fell 3.4%, reflecting growing geopolitical uncertainty, trade flow disruptions, and strong global milk output growth.

Powder prices struggled with NZ C2 Regular WMP sliding 0.3%, despite higher relative demand from the last event. Average SMP prices fell 0.8%, with EU declines weighing on the average. The average Arla price dropped 3.8%, while NZ MH C2 lost 1.1%. China buyers stayed home, but SE Asia stepped up.

Butter tumbled, with the average butter price falling 10%. NZ and Solarec both saw greater than 8% declines. China picked up a larger portion of volume as the Middle East stepped back. AMF fell 7.6%, with C2 pricing alone losing 9.1%.

Cheese moved lower, with the average price losing 3.2%. NZ Young Cheddar C2 dropped 3.8% to US$4,745/t. Arla’s C2 Mozzarella saw the most dramatic decline, falling 6.2% to US$3,935/t. Lactose alone saw gains, rising 0.3% to US$1,454/t.