Milk powder prices inched cautiously higher on average demand at last night’s GDT event 297 while fats continued a mild surge, delivering an index gain of just 1.4%.
SMP jumped just US$45/t or 1.2% on average to US$3,721/t with progressively stronger gains as for later contracts. Fonterra MH C2 gained US$15/t to US$3,675/t, Arla’s product adding US$115/t to average US$3,766/t, while US product (for C3) rallied to add US$65/t to US$3,605/t. WMP added US$21/t or 0.5% on average to US$4,008/t, with better gains for C1 and C5. Fonterra Regular C2 gained US$20/t to US$3,960/t.
Fats pushed higher, posting stronger increases than the previous event but matching the gains in the previous two to that. Butter added 4.6% or US$257/t on average to US$5,791/t. C2 added US$282/t to US$5,775/t. AMF gains were again less emphatic, adding US$196/t or 3.0% on average to US$6,668/t, while C2 added US$223/t to US$6,701/t.
Cheddar results were mixed with a 1.1% gain to average US$5,220/t. NZ young cheddar C2 lost US$35/t to end at US$5,260/t.