At GDT Event #391 the 2.4% fall in the price index was the sixth consecutive decline, with falls across the board with the exception of NZ SMP and EU Mozzarella.

WMP average prices declined for the fifth consecutive auction. The NZ regular C2 contract fell by 2.9% to US$3,475/t. WMP is now at a significant discount to its synthetic value. China purchases remained solid, accounting for more than half the volume. NZ Medium Heat SMP posted mixed results with the C2 price up 0.6% and later deliveries declining. EU SMP contracts fell, delivering an average of US$2,559/t—the same as for Event #390.

NZ Butter prices fell significantly with C2 contracts falling 5.6% from the prior auction, at US#6,370/t the lowest since October 2024. China dominated the buy-side but share of participation dropped a little from the late October auction. Solarec butter prices declined as well, and CP2 fell to €5,028/t. AMF prices fell 2.1% on average to US$6,887/t. AMF buy-side activity was relatively evenly split between the Middle East, China and Southeast Asia with each taking around a quarter of the volume. The AMF discount to butter narrowed further to US$733/t – the tightest gap since December 2024.

Cheddar also posted sharp declines. The CP2 contract fell by 6.9% to US$4,420/t, the lowest since August last year but still at a premium to US spot cheddar. EU Mozzarella prices steadied but remain well below US barrels with C2 Solarec product steady at €2,816/t (or US$1.47/lb). This compares to €2,851/t achieved for Arla’s C2 product while CP3 was higher at €2,925/t. Lactose was not offered.