GDT event #367 produced a strong result. The 4.8% price index increase was the largest since August, with gains everywhere except Mozzarella and Lactose.

SMP prices increased 3.8% on average to US$2,850/t after slipping at the previous two events, as demand started well and buyers dragged the event out for 19 rounds. WMP gained 4.5% to average US$3,713/t. Price changes were similar across contracts as offered volumes fell. Early demand in the 18 rounds was above average.

Butterfat surged with a firmer EU market in the background. Butter jumped 7.6% on average to US$6,990/t with large gains for contracts with near-term delivery. AMF achieved similar increases across contracts, with better than average demand and buying was well-spread across regions. The average price rose 4.5% to US$7,558/t.

Cheddar prices averaged US$4,973/t, up 5.8% while mozzarella was mixed, prices reaching uS$4,607/t increasing 0.9%. Lactose lost another 6% to US$843/t.