There were falls across average prices for commodities which took the index 0.9% lower. The result was more positive on a like-for-like basis in regular product once some variations in form and origin are taken into account.

SMP fell by $32/t to average US$3,415/t, with small gains in earlier deliveries offset by slightly heavier losses later. The Fonterra MH result showed the same pattern – a little better for earlier deliveries with losses in C3 to C5. C2 added US$30/t to US$3,535/t while European SMP did worse on average to lose US$3/t while US product (only C3) gained US$90/t to US$3,280/t.

WMP fared a little worse on average, losing US$61/t to US$4,062/t, with losses across contracts, but the detail across the mix of products was again important. Regular product C2 WMP gained US$20/t to US$4,160/t, but there were heavy losses for early-delivery instant product.

Fats prices were again weaker. Butter lost US$239/t or 4.8% to average US$4,690/t, with moderate losses across contracts. C2 did best, losing US$185/t, but C3 reversed the gains of some previous events, losing US$685/t. AMF lost US$76/t on average to US$5,654/t, but C2 gained US$40/t to US$5,795/t before heavier losses in C3 to C5.

There was 755t of cheddar sold for an average of US$4,324/t which was up just US$3/t on the previous event. Lactose gave up the gain of the previous event to lose US$15/t to US$1,236/t.