Despite the strong direction offered by near-term milk powder futures quotes, prices in GDT event 293 posted small changes, with the index staying flat compared to the previous outing.
SMP gained 0.4% on average to US$3,315/t but the changes were mixed across contracts, C4 doing best. Fonterra MH C2 lost US$10/t to US$3,320/t, leaving a relatively flat forward curve around US$3,300/t. WMP defied a strong lift in futures and lost 0.7% on average to US$3749/t, after gaining in the previous two events. BMP lifted 12% from its previous appearance 2 events ago to average US$3,688/t – later contracts achieving more than US$4,000/t. Fonterra Regular C2 lost US$65/t to US$3,685, with better prices for later deliveries, up to C5 just below US$3,800/t.
Fats were generally a little better in this event with small net gains. Butter added 0.4% on average to US$4,878/t. C2 added US$60/t to US$4,900/t, with heavier losses in C5. AMF added US$22/t or 0.4% on average to US$5,984/t, with gains across most contracts, leaving a slightly weaker forward curve. C2 added US$38/t to US$5,991/t.
Cheddar looked a little mixed, but the resulting prices flatten the curve just under US$4,300/t other than the jump in C6 to US$4,388/t. On average cheddar added US$23/t to US$4,297/t; C2 added US$58/t to US$4,298/t. Lactose continued to inch higher, gaining US$5/t to US$1,188/t.