The overall price index rose 1.1% at GDT event #377. It was a generally positive result for NZ products while EU prices for butter and cheese were weaker.

SMP reported a 5.4% increase in the average but that includes a wild result for UHT SMP (where the C2 price jumped by a third). NZ Medium Heat SMP lifted US$30/t  or 1.1% on #376 while EU product prices were mixed with small changes, widening the premium for NZ powders. WMP regular product reversed the small losses of #376 and added US$40/t to last week’s Pulse result. Prices across other contracts made slightly bigger gains. Instant product lost ground after last week’s rally due to limited offers, and reverted to prices from two events back.

NZ butter posted the first small fall in seven events (a rally that added US$1,000/t for C2) with C2 the lightest loss with mixed outcomes for other periods. EU (Solarec) product lost close to 4% to go back under $7,900/t. AMF prices lifted 2-3% across contracts on better than average demand, reducing the discount to butter to US$2,400/t. Cheddar posted small gains to break US$5,000/t. After starring at GDT #376, mozzarella was the worst performing product this time around, with moderate losses of around 4% with Solarec’s product losing 4.3%. Lactose lost 2.8% to US$1,132/t as China continued to lead the buying.