The GDT Index fell 0.6% at event #405. Chinese participation was at a historic low, making room for stronger purchases from SE Asian buyers .

Powder prices dropped across the board. Fonterra C2 Regular WMP lost 1.1% to US$3,700/t, while Fonterra MH SMP C2 eased 2.8% to US$3,510/t. EU prices were lower, on average falling 5%.

Fats were positive as butter prices trended upward. The Fonterra C2 butter price rose 5.0% to US$6,130/t, though Solarec C2 declined 3.9% to average US$4,580/t. Fonterra C2 AMF increased 7.9%, averaging US$6,865/t. 

Cheese prices were mixed. NZ YC C2 rose 3.1% to US$4,755/t. European mozzarella prices slumped, with both the Arla and Solarec C2 product dropped to their lowest since late April. Lactose hit the highest price since May 2025 of US$1,608/t, up 5.2%.