GDT event #394 marked a ninth consecutive drop in the index, down 4.4% to its lowest since December 2023.    

WMP prices saw a notable fall on a weaker demand-supply ratio. NZ CP2 values dropped 6.5% to US$3,115/t with China buying almost two-thirds of WMP on offer. SMP prices fell, too. NZ MH SMP CP2 fell by 2.4% to US$2,460/t. European SMP prices took less of a hit with Arla’s European MH SMP settling at US$2,320/t.

The fat complex took another blow. Butter and AMF values dropped 3% and 5%, respectively, falling to their lowest levels in two years. NZ C2 average prices fell 2.6% to US$5,005/t, and C2 average AMF dropped 6.3% to US$5,551/t—reducing the AMF discount on fat to US$419/t.  Cheese was an outlier. NZ cheddar picked up with C2 increasing +1.2% to US$4,625/t. Mozzarella jumped +6%. Solarec CP2 mozzarella rose 6.7% to US$3,440/t (US$1.56/lb).

Lactose traded higher with prices hitting US$1,430/t, the highest since mid-2022.