The GDT index posted its first gain, a healthy 4.9%, after 6 negative events. But it didn’t come from a Chinese WMP buying recovery. Instead, the main action in the WMP category came from SE Asian and Middle Eastern buyers, while AMF prices rebounded to wipe out the massive plunge at the previous event in mid-August.

SMP improved US$51/t on average to US$3,575/t but there again were some important details within that outcome. Fonterra MH C2 added US$40/t to US$3,570/t. WMP lifted 5.6% or US$193/t on average to US$3,610/t. Fonterra Regular C2 gained 4.9% or US$165/t to US$3,540/t, with a flat trajectory until a jump of US$280/t to US$3,675/t for C5 delivery.

Butterfat prices rebounded, with AMF making a spectacular recovery after taking a hit of almost 10% in #314. Butter gained 3.2% or US$165/t on average to US$5,369/t, with a range of gains across contracts but left the forward curve slightly weaker. C2 added US$178/t to US$5,385/t. AMF surged 13.8% on average more than recovering the losses of the previous event, adding US$687/t to US$5,677/t. C2 added a whopping US$816/t to US$5,727/t. Cheddar gained just 0.8% or US$41/t on average to US$5,046/t. NZ young cheddar C2 fell US$30/t to US$4,930/t.