GDT Index Corrects

by | Jul 4, 2024 | GDT, Global

A large butterfat correction led the price index down -6.9% at GDT event #359, with a large seasonal step up in volumes offered.

Butter crashed -11% on average to US$6,546/t with C1 losing almost US$1,100/t. AMF prices were almost -11% down on average to US$6,517/t, back to prices seen mid-rally in February.

The SMP average dropped -6.5% to US$2,586/t with a big correction to C4 to C6 contracts (which lost 11-12%) after the odd prices posted at #358. WMP was caught up in the damage to fat and protein prices, losing -5% to average US$3,218/t.

Cheddar  prices  also needed a correction based on the weaker sentiment in the US, losing -5.4% on average to US$3,980/t. Mozzarella gained a little from the result two events ago to end at US$4,260/t (near EU spot quotes).