The GDT index lifted 1.8% at last night’s event. SMP gained 2.8% or US$77/t to average US$2,799/t. Price gains were spread between about US$60-100/t, C2 posting a gain of 2.3% or US$63/t. The resulting forward curve improved after C2 above US$2,800/t. WMP gained 1.7% or US$52/t to average US$3,037t, with small gains across all contracts delivering a fairly flat forward curve around US$3,050. C2 returned the weakest price, averaging US$3,019/t after adding US$54/t.

Fats both improved this time with AMF the star of the event, reducing the fat-equivalent discount. Butter posted a small US$16/t or 0.4% gain to average US$3,838/t, with later gains enough to offset losses in short-term deliveries. C2 was US$25/t 0.7% weaker to US$3,820/t.  The forward profile was relatively flat below US$3,900/t. AMF added 4.1% or US$173/t to average US$4,175/t, with losses again weaker for later deliveries after the surge in C1 of US$518/t to almost US$4,500/t, leaving a flat forward profile under US$4,150/t. C2 added US$234/t to US$4,177/t.

There were losses across all Cheddar contracts as the average fell 3.8% or US$145/t, and C2 lost US$105/t to US$3,642/t. The forward curve firmed is upward-sloping but weaker than the last few events. Heavier loses were booked in C3 and C4 which may indicate vulnerability to cheap US processing cheese. Lactose was back at this event, but lost a thumping 18% or US$200/t from #270.