The first GDT event of 2026 was a positive one for all commodities. The index rose 6.3% at event #395, marking the first lift for the index since the second event in August 2025.

WMP prices gained 7.8% on average as NZ CP2 values increased 7.9% to US$3,360/t. China activity stepped back from last event but was up from the year before. Middle East bought more. SMP prices moved up for both EU and NZ origin product. NZ Medium Heat CP2 values rose 5.9% to US$2,605/t, selling at a premium to both Arla and Solarec MH SMP. 

AMF gains outpaced butter, though both saw increases. Average AMF prices saw the largest increase since February 2024 up 7.3% with CP2 average AMF values up 8.5% to US$6,023/t.. Butter values picked up, too, supported in part by strong China buying with NZ CP2 averaging US$5,210/t, +4.1%. 

Cheese prices were uneven. NZ cheddar advanced +0.1%, and Arla CP2 mozzarella ticked 1.0% higher. Solarec CP2 mozzarella fell 2.3% to $3,360/t. Lactose traded slightly lower. Prices fell to $1,413/t, down 1%.