GDT #379 delivered a 4.6% price index increase. Despite the uncertainty facing the global economy, particularly trade in the Asian region suppliers showed up to secure product at the smallest offering of the season. 

WMP regular product lifted almost 9% to US$4,470/t, the highest price since March-22 with strong demand for the available volume. Buying was led by SE Asian bidders, with general trade into SE Asia strong, which comes as a surprise given the cost sensitivity in some markets. SMP posted a small gain overall, with NZ Medium Heat adding close to 3% at C2, while later delivery prices were weaker. EU product prices were mixed as local buyers took the highest portion of event trades, but generally a little weaker, falling 1% to €2,319/t (US$2,626/t).

NZ AMF gained 5.5% on average, across the forward curve, while NZ unsalted butter lifted by a similar percentage, pushing past US$8,000/t to new records for C2 and C3 prices. Demand for the seasonally small butter volumes offered was one of the highest reported on GDT, led by SE Asian buyers of NZ product. The average price lifted 4.1% to US$7,992/t. EU product fell more than 1% in € terms, ending at €7,200/t (US$8,155/t).

Cheddar surged 12% on average to US$5,519/t for the 363t sold, well past recent quotes from the EU market, leaving daylight between NZ prices and the languishing US block cheddar market. EU-origin Mozzarella prices were steady at US$4,725/t for C2, despite being under some pressure in recent trades.

Lactose surged 17% to US$1,611/t as US supply is no longer an option for China, but EU buyers also figured in the trades.