Improving global confidence and no obvious weakness in northern hemisphere markets was in the background as GDT posted yet another positive result, with the index lifting 1.3%.
As with the prior event, butterfats both improved with butter gaining the stronger of the two, extending the fat-equivalent discount for AMF. Butter posted a moderate US$235/t or 5.9% gain to average US$4,221/t, with consistent gains across contracts. C2 posted the smallest gain of US$205/t or 5.1% to US$4,205/t. AMF added 1.9% or $82/t to average US$4,360/t, with mixed gains. C2 added US$94/t to US$4,329/t, leaving a firming forward profile past US$4,400/t.
SMP posted a small gain of 1.4% or US$41/t to average US$2,930/t. Price gains were spread between about US$35-55/t, C2 posting a gain of 1.3% or US$36/t. The NZ premium over EU product widened to US$206/t, this time as Fonterra’s MH product added US$30/t and Arla’s lost US$36/t.
WMP made small net gain of 0.9% or US$28/t to average US$3,210t, with gains in earlier contracts and small losses in the later delivery periods. C2 regular gained US$20/t to US$3,180/t, while across all product forms the C2 average was US$3,205/t.
There were moderate gains across all Cheddar contracts as the average lifted 4.3% or US$159/t, and C2 picked up US$191/t to US$3,905/t to end with the strongest price.