GDT event #382 was the third consecutive event with a decline in the overall index, down 1.0%. Fats were mixed and the volatile cheddar trade reversed some of the recent losses.

WMP again took the heavier hit of the powders, down 2.8% for CP2 for the 3rd event in succession, but didn’t fall as far as last week’s Pulse. The average price was down 2.1% to US$4,084/t SMP was weaker for both origins, with NZ Medium Heat CP2 losing an average of 2% compared to #381, but that was  above last week’s Pulse result. EU prices were also a little weaker this time, with the average price down 1.1% to US$2,775/t.

Butter prices were stronger for earlier delivery with the higher offering on this event. That was almost offset by sliding peak-season contracts, with more than US$1,000/t drop between CP2 and CP5/CP6. AMF posted the first loss after a run of 5 positive events, weaker for most contracts. EU butter prices lifted a little over 1% in US$/t as per the firm local market, but slightly weaker at €7,410/t. The average butter price was 1% to $7,890/t while AMF was –1.3% at US$7,276/t.

Cheddar reversed some of the dramatic recent losses, lifting 1.4% at CP2, with strong gains for later dispatch to flatten the forward curve. EU Mozzarella weakened higher by 3.3% on average for CP2 in Euro terms, Solarec product slipped to €4,180/t.