The event index fell 2.9%, the 5th decline in succession, but that measure was weaker due to softer butterfat and the heavier volumes of Instant WMP which produced a crash in C2 prices. Otherwise there was a rise in regular WMP while SMP was essentially flat on average.

SMP fell 0.3% or $14t on average to $4,116/t. Fonterra MH C2 lost $50/t to $4,135/t, but the forward curve remained relatively flat. The difference between NZ and EU SMP prices narrowed to near $160/t, as Arla’s product added $14/t to $3,973/t on average.

WMP steadied with the average price rising by 0.5% or $18/t on average to $3,934/t, with mixed changes in the detail. Fonterra Regular C2 lifted $160/t to $3,865/t, but C3 lifted above $4,000/t, and only C1 to C3 were sold. Instant prices crashed, with a higher volume on offer, falling almost $2,000/t to $3,960/t for C2.

Butterfat prices were mixed with small changes after the savaging at the previous event, with demand remaining weaker than average. Butter dropped 1.0% or $57/t on average to $5,750/t, but the losses were slightly larger later to keep the curve relatively flat. C2 lost $41/t to $5,755/t. AMF averaged a 0.6% gain or $35/t to $6,043/t, but the changes were mixed to keep the forward curve relatively flat – C5 ended $56/t higher that C2. C2 gained 2.2% or $129/t to $6,036/t.

Cheddar prices fell slightly by $17/t to $5,635/t but resulting prices produced a wide range. NZ young cheddar C2 lost $190/t to end at $5,615/t. C6 lifted $120/t but ended well down on C2 at $5,460/t.