The SGX-NZX futures market was indicating another lift in the commodity prices prior to last night’s GDT event but prices didn’t increase enough for the index to lift, and the overall GDT index fell 0.9% at event #332 at an event that lasted (only) 14 rounds with 21,565/t of product sold.
WMP edged up 0.4% on average to US$3,244/t. The Fonterra regular C2 price averaged US$3,195/t, increasing US$5/t from the last event as the expected lift in prices didn’t materialise.
SMP achieved a weighted average price of US$2,766/t, down 0.8% with NZ medium heat SMP prices down US$130/t from the previous event to US$2,770/t for C2.
Fats were again mixed and went in different directions, with butter lifting 2.4% on average to US$5,068/t with significant lifts for contracts with long-term delivery. AMF prices were down 4.8% on average to US$4,600/t.
Cheddar prices fell 3.4% with the weighted average price falling to US$4,407/t, reversing previous gains.