This week’s GDT event #363 produced a mixed result, with a fall of 0.4% in the price index. Weaker than average demand  across most commodities brought with it the first price dip in four events.

SMP was easily the strongest performer on better-than-average demand. The average price rose 4.5% to US$2,753/t with  lifts across all delivery periods. WMP took a backseat, weaker across all contracts due to below average demand.  The average price fell 2.5% to US$3,396/t. Both powders were well below the expectations of SGX futures, but volumes offerted were higher than the previous event #362.

Butterfat was mixed with the short-term urgency out of the system, and some of the heat coming out of EEX futures this week. Butter averaged US$6,675/t, sliding 0.9% with a drop in C1 weighing on the average. AMF was strong for C2, up 3.1% however, mixed for other contracts with the average price lifting 0.7% to US$7,311/t.

Cheddar prices improved but remain well behind stronger northern hemisphere benchmarks. The average cheddar price rose 0.9% to average US$4,324/t. Mozzarella reflected the strength of the EU market, gaining 7% to US$5,145/t, close to recent  EU trades.