GDT continues a recovery

by | Sep 21, 2022 | GDT, Global

This week’s event continued the good news in a mixed result for milk powders and fats, but again did not see a full recovery of Chinese buying of WMP. The index lifted 2.0% with stronger WMP, cheddar and AMF prices while SMP lost almost 1% on average and butter went sideways.

SMP lost US$28/t on average to US$3,547/t but there again were some important details within that outcome. Fonterra MH C2 fell US$35/t to US$3,535/t, with a flat forward curve. WMP lifted 3.4% or US$123/t on average to US$3,733/t. Fonterra Regular C2 gained 3.7% or US$130/t to US$3,670/t, also with a firmer forward line to US$3,780/t for C5 delivery.

AMF continued to make a strong recovery while butter has a flat result after a couple of small rises. Butter fell 0.2% or US$13/t on average to US$5,356/t, with small gains for C3 and beyond but the average was pulled lower by a US$200/t fall in the C1 result. C2 lost US$40/t to US$5,345/t. AMF lifted 3.95% on average to US$5,901/t. C2 added US$251/t to US$5,978/t. The gains were mixed later to leave a weaker the forward curve to near US$5750/t for C6.

Cheddar gained 2.0% or US$101/t on average to US$5,147/t. NZ young cheddar C2 lifted US$125/t to US$5,145/t.