The first April event continued the rout for commodity prices on the GDT platform (except for cheddar) again with disappointing demand across commodities, especially in the two milk powders. The index fell 4.7%, the worst result since last August.
SMP had the weakest early event demand but took the mildest hit of the commodities that fell at this event, losing 2.6% on average to US$2,579/t while Fonterra’s Medium Heat C2 prices dropped US$40/t to US$2,600/t.
WMP lost 5.4% on average to US$3,053/t, with the C2 regular product losing US$175/t achieving a miserable US$3,020/t.
Fats were also weaker, AMF hammered 8% on average and the C2 price losing almost 11% to US$4,549/t to widen the discount to butter, which lost 3.2% on average, with the C2 price falling to US$4,560/t.
Cheddar went against the tide, adding an average of 2.8% to US$4,167/t, while the C2 Young Cheddar just clambered above US$4,100/t.