Prices were down 0.7% at GDT event #343, breaking the run of four consecutive positive events. However, there are more positives than negatives to be taken from this event.
The Pulse results since the last event and futures signalled a slide in WMP prices, which fell 2.9% to average US$2,971/t. Chinese involvement was higher in % terms, taking half the volumes but for the lowest tonnage in 5 events. SE Asia and Middle East each bought a little less than recent events.
The event demand ratios for SMP started well down on recent events, but the bidding lingered to 16 rounds to average US$2,724/t.
AMF gained for the 5th event in succession reaching US$5,489/t, a 3.4% increase on the prior auction. In contrast butter prices were 1% lower at an average of US$4,890/t. Cheddar reversed the losses from the past 3 events, gaining 4.8% to average above US$4,000/t but once more with wild swings in contracts.