There was some anxiety that GDT #360 would cause further damage to ingredient and butterfat prices with the increased seasonal offering pitching into a lacklustre market. That was not the case as early-round demand was generally close to average except in SMP.

WMP lost -2.4% on average to US$3,142/t— and US$120/t better at C2 than SGX futures indicated, as the demand ratio was a little better than average. SMP averaged US$2,566/t, down –1.1% with NZ SMP prices reflecting the steady EU futures market in the past week. The EU product offering fared slightly worse.

Butterfat prices steadied after the carnage at the previous event. Butter averaged US$6,606/t, lifting +0.9% with demand near average and a little less sold this time compared to the prior event. AMF prices surprised as a higher volume was sold, recovering +3.8% on average to US$6,764/t with larger gains in later contracts.

Cheddar reversed the correction at the prior event, up +5.9% on average to US$4,217/t. Mozzarella lost a little in line with a weaker EU spot tone, sliding –0.8% to US$4,225/t.