The 2nd event for 2021 saw GDT prices rally for the 5th consecutive time with the index gaining 4.8% which is the largest gain since July 2020.

SMP surged 6.5% or US$199/t to average $3,243/t, with healthy prices gains across all contracts, C2 posting the smallest gain of US$172/t. The NZ premium over EU product widened further to US$345/t, this time as Fonterra’s MH product for C2 added US$215/t to reach US$3,265/t, Arla’s gained US$126/t to average US$2,920/t, and US product realized US$265/t.

WMP gained 2.2% or US$74/t to average US$3,380/t, with gains that were also stronger for later delivery periods. C2 regular gained US$61/t to US$3,360/t. Regular product C2 WMP added US$65/t to US$3,345/t.

Fats improved strongly with AMF this time the stronger, cutting the fat-equivalent discount against butter. Butter posted a strong lift of US$209/t or 4.6% to push the average to US$4,735/t, with consistent gains across contracts, with C1 strongest. C2 lifted US$190/t or 4.2% to US$4,710/t. AMF added a stunning 17.2% or US$794/t to average US$5,398/t, with large gains that were strongest for C2 and C3 earlier. C2 added US$835/t to US$5,449/t.

There were small changes across all Cheddar contracts as the average added US$4/t, and C2 picked up US$119/t to US$4,080/t. Lactose kept its rally going and again firmed US$75/t at this event, to finish at US$1,173/t.