The GDT Index rose 0.1%, with mixed trends across commodities. North Asia returned as the leading buyer at this event, and the Middle East increased its share of purchases across the board compared to the same auction last year. Milk supplies are comfortable and seasonally building in the Southern Hemisphere, but buyers may be concerned about weather-related risks on the horizon.

Fonterra C2 Regular WMP was near-flat at US$3,440/t with lower relative demand, while Fonterra MH SMP C2 rose 1.6% to US$3,240/t. European SMP also improved, with Arla and Solarec C2 prices up by 4.7% and 2.4%, respectively. The Fonterra C2 butter price fell 2.3%, with Solarec C2 down 2.3%. Fonterra C2 AMF declined 0.5% but increased its premium to butter on a fat-equivalent basis.

Average NZ Cheddar prices rebounded after two consecutive falls to now be at a $0.13/lb premium relative to CME Blocks. NZ YC C2 rose 5.2% to US$3,655/t (US$1.66/lb). The Arla C2 Mozzarella price rose 1.8% to US$1.80/lb. The Solarec C2 Mozzarella price rose 1.3% to US$1.83/lb. The average Lactose price increased 3.4% to US$1,780/t.