The recent strong rally in GDT prices ended at last night’s event after a run of 5 gains, but the result was mixed as WMP and butter prices weakened and SMP and AMF crept higher on solid demand. The index fell 0.9%.

WMP fell 3.4% or US$161/t on average to US$4,596/t yet would have been worse but for the freakish instant result. Fonterra Regular C2 fell US$230/t to US$4,500/t.

SMP lifted 1.4% or US$64t on average to US$4,545/t, the 16th increase in this rally. Fonterra MH C2 gained US$15/t to US$4,555/t. The difference between NZ and EU SMP prices narrowed once again as the latter caught up – NZ product posted a US$15/t gain, while Arla product adding a thumping US$253/t on a simple average to US$4,495/t.

There were mixed fortunes for fat prices, as the price of butter dropped 1.8% or US$128/t on average to US$6,958/t. C2 fell an average of US$179/t to US$6,941/t, the first drop in 12 events. AMF added US$63/t to average US$7,111/t, with C2 averaging a US$52/t gain to US$7,129/t.

Cheddar prices went up slightly on average (up just US$18/t to US$6,412/t) but the changes were mixed, with heavy losses for earlier periods and gains in C4 and a wild-looking change in C6 that pushed that price beyond US$6,600/t. NZ young cheddar C2 dropped US$245/t to end at US$6,305/t.