The GDT Index rose 2.3% at event #410 as North Asian buyers dominated an auction where powder values increased while fats declined. 

Fonterra Regular WMP C2 increased 3.3% to US$3,555/t and is now at a narrow difference relative to NZ SMP. Fonterra MH SMP C2 rose 6.9% to US$3,465/t and continues to trade below the latest US spot NDM price. Arla and Solarec SMP C2 prices advanced by 6.9% and 1.6% to US$3,450/t and US$3,605/t, respectively.

Butter prices remained under pressure, with NZ C2 butter down 1.7% to US$5,155/t from the prior event, while Solarec EU C2 butter gained 3.4% to US$4,780/t. NZ C2 AMF fell 7.4%, erasing its premium to butter on a fat-equivalent basis. NZ Young Cheddar C2 rose 4.9% to US$3,835/t. The average lactose price increased 1.5% to US$1,807/t.