GDT event #319 posted the 3rd moderate fall in succession which has wiped US$535/t off the average price of the basket of products. The GDT index fell 3.9% with heaviest losses in powders on demand ratios that looked very similar to the previous event, while butter and cheddar steadied.

SMP again fell heavily, losing US$278/t or 8.5% on average to US$2,972/t on poor demand. Fonterra MH C2 fell US$270/t to US$2,970/t, with a flat forward curve.

WMP dropped 3.4% or US$142/t on average to US$3,279/t. Fonterra Regular C2 lost 3.1% or US$105/t to US$3,355/t, with a firmer forward line for later deliveries to US$3,355/t for C5 delivery. Last week’s GDT Pulse again gave a WMP form guide which the futures market took more notice of, dropping US$75/t below the event #318 winning price, setting up for a further USUS$30/t loss in this event.

Fats were on balance weaker, with mixed results for the two commodities. Butter gained 0.35% or US$17/t on average to US$4,868/t, with mixed set of changes across contracts to leave a firmer forward curve under US$5,000/t. C2 added US$13/t to US$4853/t. AMF fell 1.75% or US$99/t on average to US$5,562/t with heavier losses for later contracts that left a little sag in the forward curve. C2 lost 3.4% or US$83/t to US$5,554/t.