The GDT Index fell 1.1% in Event #412. Despite mixed results, the auction reinforced the resilience of protein while fats recorded sharp declines, reflecting seasonally building Oceania supplies. North Asia demand was weak, while SEOCN buyers increased their market share with volumes bought highest since November 2014.

NZ C2 SMP Medium Heat increased 0.3% to US$3,675/t, increasing its premium relative to WMP. Arla C2 MH SMP declined to US$3,680/t. Meanwhile, Fonterra C2 Regular WMP fell 1.1% to US$3,515/t. Butterfats declined with NZ C2 butter  dropping -5.8% to US$4,755/t, while the Solerac C2 price was down -4.3% to US$4,770/t. NZ C2 AMF lost 3.8% to US$5,715.

Cheddar was a standout. NZ C2 rose 20.3% to US$4,060/t, widening its premium to CME blocks on stronger demand. Conversely, Mozzarella moved lower as Solarec and Arla C2 prices fell to US$4,040/t and US$3,965/t, respectively.