After a few weeks of not much happening in global dairy markets, we came back from the festival of chocolate to a GDT event where not much happened. The overall GDT index edged up 0.3% at event 281.
SMP inched higher by 0.5% or US$17/t to average US$3,367/t, with the biggest gains in later contracts C4 and C5. The NZ MH product posted a US$5/t gain to US$3,390/t while European SMP lifted on average by US$28/t. US product was sold only for C3, achieving US$3,085/t. Not much happened with WMP which gained US$2/t to average US$4,085/t, with the most action in later contracts with prices changing in different directions under US$100/t for C4 and C5. Regular product C2 WMP was unchanged at US$4,060/t. Fats prices went higher. Butter did better and gained US$117/t or 2.1% to average $5,776/t. C2 lifted $97/t with bigger gains later – C6 laying catch up to lift $305/t. AMF prices added 0.9% or US$54/t to average US$6,209/t, also with inconsistent gains across contracts. There was only 157t of cheddar sold for C5 and C6 at this event which achieved an average of US$4,393/t. Lactose came off its highest and lost US$85/t to finish at US$1,307/t.